Financial Planning Checklist: What to Consider After a Parent’s Death

The death of a parent, whether sudden or expected, is not something we can ever prepare for emotionally. When anyone dies, they leave behind a life that must be closed out. Not only do arrangements have to be made, but other, more tedious tasks – such as paying final bills and closing bank accounts – must be completed. If you’re in charge of settling these affairs, all while you are grieving, there are ways to minimize stress.

To marshal the right help, we created a checklist that covers 26 of the most important planning issues to identify and consider after a parent has passed away. It’s structured as follows:

• Cash Flow Issues: For example, have you identified and prioritized expenses, such as funeral costs and outstanding bills?
• Estate Settlement Issues: For example, do you have the necessary documents gathered for estate settlement, and have the executor responsibilities been clarified?
• Insurance Issues: For example, have you initiated the process of filing life insurance claims? 
• Tax Issues: For example, how to prepare and file the deceased’s final income tax return and any estate tax returns that may be required.
• Investment and Asset Issues: For example, have you reviewed investment portfolios and began the process of transferring ownership of assets to heirs or beneficiaries?

This checklist also covers other issues like funeral/memorial arrangements, Social Security benefits, and legal and financial counseling. 

Navigating the aftermath of a parent’s passing is undoubtedly one of the hardest tasks we have to overcome as adults, but with useful resources and the right support, the process can be manageable. 

If you find yourself with questions or needing assistance, our team of financial advisors are here to help. You’re welcome to schedule a complimentary consultation using the link below. Let us help you navigate this difficult journey so you can focus on honoring your loved one’s memory without added financial stress.

Bautis Financial LLC is a registered investment advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial advisor and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.