No matter how much you prepare, losing a parent can be intensely painful. Along with dealing with your and your family’s grief, managing all of the financial to-dos that come with death can feel overwhelming.

Knowing what needs to happen right away – and what you can put off – can help. This financial checklist to follow after the death of a parent can help you navigate or prepare for this tough time.

To do right away

Wondering what to do after a parent dies? Here are a few things you should take care of immediately:

Make funeral arrangements

Get in touch with the funeral home to make arrangements. If you haven’t spoken with your loved one about their wishes, check their will for any instructions to help make planning easier. Another thing to consider is the cost.

According to the National Funeral Directors Association, the average cost of a funeral with burial is more than $9,000. Additional costs, like investing in a nicer casket, can push that figure even higher. If COVID-19 was a factor in your parent’s death, you may be eligible for FEMA assistance for COVID-19 related funeral expenses, but the maximum financial assistance available is $9,000 per funeral.

Many people buy life insurance or final expense insurance for this exact purpose. If your loved one had a policy, you can use the payout to help cover funeral costs or any related expenses, like medical bills.

Obtain death certificates

You’ll need several copies of the death certificate to take care of financial matters, like closing bank accounts, notifying government agencies, and claiming life insurance. You can’t do most of these things until you have the death certificate in hand, and it is typically available within 72 hours after your loved one dies. Your funeral home usually prepares this document, and they can help you get a few copies.

To do in the coming weeks

Once you take care of the funeral arrangements and other immediate needs, here are a few important things to do when a parent dies:

Locate their will

A will lays out your parent’s wishes for how to divide up their things and any other instructions for post-death. The will names an executor to carry out those instructions. If this is you, you’ll be responsible for making sure the will is followed, including paying off debts, distributing leftover assets to heirs, and more. This can definitely get complicated, so you might want to hire an attorney to help. If your parent didn’t tell you where the will was ahead of time, check their files or with their attorney. If your parent died without a will, then a court will appoint an executor and divide up their possessions based on state laws.

Contact all financial providers

Get in touch with any companies where your parent had accounts or assets. This may include:

• Life insurance. If you’re the beneficiary on your parent’s life insurance, you will typically need to provide a copy of the death certificate and to file a claim form for the payout. The benefits are usually paid out quickly, which can be helpful if you are waiting on proceeds from a will. You will also need to cancel other insurance coverage, like auto or supplemental Medicare plans.
• Social Security Administration. Contact the Social Security Administration to cancel benefits right away, so that you don’t have to pay back benefits later that were paid in error. The funeral home might do this for you, but if not, you can call 1-800-772-1213. If your parent’s spouse plans to apply for survivors benefits or if you have any other questions, you can visit SSA.gov.
• Banks and investment accounts. Make sure to wind down their bank and investment accounts after their death. If your parent owned any investments or other financial assets, they might have named beneficiaries. These are the people that your parent left these assets to. With proof of death, the institution should be able to help you transfer the accounts to the beneficiary.
• Service providers. Cancel utilities and subscription accounts so that your parent does not keep getting charged monthly.
• Lenders and credit providers. If your parent had any debt, like a mortgage or credit card debt, this debt will typically be settled through their estate. Contact an estate planning professional for help with the impact of debt on the estate.

Consider making your own plans

Sorting through a parent’s finances can be a wake-up call to update your own plans. If you don’t already have a will, make sure that your own children are protected financially when the time comes by creating one. Buying life insurance if you’re not already covered can also help make sure your family isn’t burdened financially by end-of-life bills.

Still have questions?

We’re here to help. Fidelity Life offers a wide variety of products to support people at every stage of life. Get your quote online today or call one of our agents at (855) 291-6365.

At Fidelity Life, our goal is to make life insurance simple, affordable, and understandable for everyday families. This content is intended for educational purposes only. Each post is carefully fact-checked, reviewed, and updated regularly to ensure the information is as relevant as possible.