Losing a parent is one of life’s most difficult experiences. Amid the grief and emotional turmoil, there are also financial and logistical matters that need attention. If you’ve recently lost a parent, here’s a practical checklist to help you navigate the next steps.
Immediate Steps
- Get a legal pronouncement of death
- Tell friends, family, and employer
Within a few days of death
- Make funeral, burial, or cremation arrangements
- Write an obituary
- Secure their home, vehicle, and valuables
- Provide care for pets
- Forward mail
Two Weeks After Death
- Obtain the death certificate. Make sure to get at least 10 copies because you’ll need this to close bank and brokerage accounts, file life insurance claims, and manage legal matters.
- Locate the will and executor. If there isn’t a will, the probate court judge will name an administrator in place of an executor.
- Contact the deceased’s financial advisor, estate attorney, and CPA.
- Take the will to probate. Probate is the legal process of executing a will. You’ll need to do this at a county or city probate court office.
- Make an inventory of all assets (bank accounts, house, car, brokerage account, personal property, furniture, jewelry, etc.) Consider hiring an appraiser.
- Make a list of bills so that important expenses (mortgage, utilities) are taken care of while the estate is being settled.
- Cancel digital services, including cell phone, cable, and internet.
Notify Key Institutions
- Social Security Administration (SSA). They will let Medicare know that your loved one died.
- Life insurance companies
- Long-term care (LTC) insurance companies
- Banks and financial institutions
- Credit agencies. To prevent identity theft, send copies of death certificate to one of the following; Equifax, Experian or TransUnion.
- Cancel driver’s license
- Close credit card accounts
- Terminate insurance policies for home, auto, and health
- Delete or memorialize social media accounts
- Close e-mail accounts
- Update voter registration
Review Your Own Financial Plan
The loss of a parent often prompts reflection on your own financial planning. If you expect to inherit any assets from your parent, you’ll need to understand the tax rules. Ensure your own estate plan is up to date, review your beneficiary designations, and consider creating or updating your will to protect your loved ones.