Five Things to Do After a Parent Passes Away

 Posted on October 18, 2024 in Estate Planning

On top of the grief of losing a parent, there are important legal and financial matters that need to be addressed. Unfortunately, managing a parent’s affairs while simultaneously grieving their loss can easily feel overwhelming. Taking things one step at a time can help, and an Illinois estate planning attorney can help. If you have recently lost a parent, here are five important things you should do after their passing to ensure everything is handled properly.

Get Copies of the Death Certificate

One of the first things you will need to do is get multiple copies of your parent’s death certificate. This document is crucial for handling many tasks, such as closing bank accounts, claiming life insurance, and transferring property. You can request death certificates from the funeral home or directly from the county clerk’s office where your parent passed away. It is a good idea to get at least 10 certified copies, as various institutions will require them to settle your parent’s affairs.

Find the Will and Estate Documents

If your parent had an estate plan in place, the next step is to locate his or her will and other estate planning documents, such as trusts, powers of attorney, or healthcare directives. The will outlines how your parent’s assets should be distributed, while trusts may hold and manage certain assets.

In Illinois, wills must go through probate, a legal process that verifies the validity of the will and oversees the distribution of assets. A probate court in DuPage County would handle this if your parent lived in the area. If there is no will, the estate will be distributed according to Illinois intestacy laws, which determine how assets are divided among surviving relatives.

Notify Financial Institutions and Creditors

Once you have the death certificate, it is time to notify your parent’s financial institutions, including banks, credit card companies, mortgage lenders, and investment firms. Each institution will have its own process for closing accounts and transferring assets to the beneficiaries named in the will or trust.

You will also need to contact creditors to settle any outstanding debts. In Illinois, creditors have six months from the time of death to make a claim against the estate. It is essential to keep track of these claims to ensure they are paid from the estate’s assets.

Contact the Social Security Administration and Other Benefit Providers

If your parent was receiving Social Security benefits, it is important to notify the Social Security Administration (SSA) of your parent’s passing. In most cases, the funeral home will do this for you, but it is worth confirming.

You may also want to inquire about survivor benefits if your parent was receiving retirement or disability benefits. Additionally, if your parent had a pension, insurance policies, or other benefits, you will need to reach out to those providers to file claims.

Contact a Lombard, IL Estate Planning Lawyer

Losing a parent is one of the toughest experiences most people go through, and it can be very difficult to think clearly and strategically during this time. Having professional guidance can make the legal and financial process smoother. A DuPage County, IL estate planning attorney at A. Traub & Associates can help you manage your parent’s estate and provide support through this challenging time. Contact us at 630-426-0196 to discuss your situation and learn how we can assist you in the next steps.