No matter how much you prepare, losing a parent can be intensely painful. Along with dealing with your and your family\u2019s grief, managing all of the financial to-dos that come with death can feel overwhelming.<\/p>\n
Knowing what needs to happen right away \u2013 and what you can put off \u2013 can help. This financial checklist to follow after the death of a parent can help you navigate or prepare for this tough time.<\/p>\n
Wondering what to do after a parent dies? Here are a few things you should take care of immediately:<\/p>\n
Get in touch with the funeral home to make arrangements. If you haven\u2019t 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.<\/p>\n
According to the National Funeral Directors Association, the average cost of a funeral with burial is more than $9,000<\/a>. Additional costs, like investing in a nicer casket, can push that figure even higher. If COVID-19 was a factor in your parent\u2019s death, you may be eligible for FEMA assistance<\/a> for COVID-19 related funeral expenses, but the maximum financial assistance available is $9,000 per funeral.<\/p>\n Many people buy life<\/a> insurance or final expense insurance<\/a> 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.<\/p>\n You\u2019ll 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\u2019t 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.<\/p>\n Once you take care of the funeral arrangements and other immediate needs, here are a few important things to do when a parent dies:<\/p>\n A will lays out your parent\u2019s 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\u2019ll 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\u2019t 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.<\/p>\n Get in touch with any companies where your parent had accounts or assets. This may include:<\/p>\n Sorting through a parent\u2019s finances can be a wake-up call to update your own plans. If you don\u2019t 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\u2019re not already covered can also help make sure your family isn\u2019t burdened financially by end-of-life bills.<\/p>\n We\u2019re here to help. Fidelity Life offers a wide variety of products to support people at every stage of life. Get your quote online<\/a> today or call one of our agents at (855) 291-6365.Obtain death certificates<\/h2>\n
To do in the coming weeks<\/h2>\n
Locate their will<\/h2>\n
Contact all financial providers<\/h2>\n
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Consider making your own plans<\/h2>\n
Still have questions?<\/h2>\n
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\nAt 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.<\/i>
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