Protecting Financial Assets After A Parent Passes Away

Posted on: 14 June 2017


If you recently experienced the tragic event in losing your only living parent, and you are the executor of their estate, you are most likely going through a range of emotions and uncertainties regarding the financial aspects of their property. There are several steps you need to take to aid in protecting your parent's assets. Here are some tasks it is necessary to take right way to ensure your parent's financial information and asset distribution is done with as little difficulty as possible.

Obtain Several Copies Of The Death Certificate

As soon as a death certificate is available in your city court office, request to have several copies made for your personal possession. A copy will be needed for many of the financial institutions you will be dealing with when closing out bank or credit accounts or proving who is allocated money down the road. If you fail to get the copies you need from the get go, delays in payments will be the result to expect. No one will want to deal with the financial situation of the deceased without the proof of their death readily available.

Retain An Attorney To Help With The Process

It is impossible to know what pitfalls will come your way regarding disputes in how money is to be distributed. Hiring an attorney to work in your parent's best interests is necessary to make sure the right people are given what they deserve. Your attorney will aid in the filing of probate documentation to give you the authority to make the necessary decisions regarding distribution of assets if a will has not be obtained to specify details. 

Obtain Billing Information And Notify Companies

After your parent dies, companies that they had dealt with will need to be notified so bills no longer accumulate in their name. You will need to find information such as banking statements so you can call these companies to close accounts. Search for the documents inside of your parent's home. Collecting the mail and going through the letters received will help you track down the companies your parents had association with. Keep a list of this information and check off each company contacted along with the date they had indicated business would cease. This will be helpful if bills continue to be sent. After you have handled the finances, your parent's mail delivery can be stopped or forwarded to your own address.