When a parent passes away, the family is often left to cope with the emotional and financial burden that comes with grief and handling their affairs. While there are many decisions that must be made quickly, there are also several steps that should be taken to ensure that the parent's wishes are carried out and their assets are distributed according to their wishes. Here is a comprehensive guide on what to do when a parent passes away, including key tasks and considerations:
1. Choose How to Pay for Burial or Cremation
The cost of a funeral and burial can be significant, so it is important to plan ahead. Families can choose to pay for the funeral themselves, take out a bank loan, or apply for a reverse mortgage. Additionally, many communities offer assistance programs to help cover the cost of funeral expenses.
2. Gather Documents and Information
To handle the deceased's finances, it is necessary to gather their financial documents, including their will,生前 executed power of attorney, and any other relevant documents. Additionally, it is important to know the location of their bank accounts, investment accounts, retirement accounts, and any life insurance policies.
3. Contact the Funeral Home
Once the family has decided on the type of funeral and how the body will be transported, they should contact a local funeral home to begin the process of arranging the funeral. The funeral home will guide the family through the steps of selecting a casket, selecting a plot, and making any necessary arrangements for the funeral itself.
4. Obtain a Copy of the Death Certificate
After the funeral, the family will need a copy of the death certificate to complete various tasks such as closing bank accounts, notifying utility companies, and canceling subscriptions. It is important to order multiple copies of the death certificate, as different institutions may require them.
5. Set Up a Trust or Guardianship for Minor Children
If the parent had minor children, it is necessary to establish a trust or guardianship for them. This ensures that the children are properly looked after and supervised until they reach the age of majority, or until they are legally adopted.
6. Close Bank and Financial Accounts
Once the parent's passing, their bank and financial accounts must be closed. This includes checking accounts, saving accounts, investment accounts, and any retirement accounts. The family may wish to convert some of the accounts into payable on death (POD) or transferable on death (TOD) accounts, which allow for the asset to pass directly to the beneficiaries.
7. Notify Law Enforcement and Insurance Companies
It is important to notify the local law enforcement agency that the person has died. Additionally, the insurance companies for any policies that the parent had must be notified of the death so that claims can be made
8. Gather Any Remaining Assets
After the funeral and account closures, the family may be left with any remaining assets, such as jewelry, collectibles, or valuable items. It is important to inventory these assets and make sure they are kept in a safe place.
9. Decide How to Handle the Parent's Digital Assets
With the rise of the internet, parents often maintain a significant digital footprint. This includes email accounts, social media profiles, and cloud storage solutions. It is important to retrieve these assets and delete them as necessary.
10. Contact Credit Bureaus and Other Institutions
When a parent passes away, it is important to inform credit bureaus and other institutions of their death. This helps to prevent identity theft and ensures that the credit history of the decedent continues to be reflected accurately.
11. Plan Future Care for Dependents
If the parent had dependents, such as a spouse, child, or pet, it is important to make arrangements for their care before their passing. This may include setting up trusts or guardianships, hiring保姆 or nurses, or making plans for alternative care arrangements, such as moving to a care facility or hiring a health care Proxy., handling the affairs of a parent after their death involves a complex set of tasks that must be completed with care and consideration. By following the steps outlined above, the family can seek to honor their loved one's memory while also ensuring that their property and assets are distributed as they wish, creating a peaceful and stress-free transition for all involved.
