Three Financial Tasks To Perform Upon The Death Of Your Parents
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Three Financial Tasks To Perform Upon The Death Of Your Parents

It can be hard to say goodbye to someone you love, and it can be especially hard if that someone you love is one of your parents.

One of the most important tasks that you can perform is to take a close look at their finances. This can be very overwhelming, and it can be difficult to determine exactly where to start. You may find yourself asking the following questions:

*Where exactly do you begin?

*Do you know where all of the financial documents are kept?

*What happens if your parent hasn’t left a will?

*Is your parent considered to be a nominee in a bank account?

*What documents will you need in order to either close or transfer an investment?

*Should tax returns continue to be filed on behalf of your parent?

Questions like these can cause stress on a lot of people. The best solution is to contact an attorney to provide you with as much assistance as possible.

In the meantime, here are three of the most important financial tasks that you should always perform upon the death of a parent.

Obtain Multiple Copies of Their Death Certificate

If the decision is made to close accounts that are in the name of your deceased parent, or if either investments or assets will need to be transferred elsewhere, among other tasks, having copies of the death certificate will be extremely important. In the event that your parent dies at a hospital, you will be required to fill out a form in which you will need to provide the following information:

*Deceased’s name

*Age

*Their parents’ names

*Address

This form will then be forwarded to the necessary office where the death certificate will be created. Multiple copies can be downloaded from your local municipal website.

Determine Where All Financial Documents are Located

This is one task that can be extremely difficult, especially if the documents themselves aren’t arranged in a proper manner. Typically, these documents will be divided into four different categories:

*Assets

*Liabilities

*Expenses

*Income

Additionally, you should also look for various employment documents as well, especially if the deceased parent was still working at the time of their death.

Contact Financial Institutions

This is another important step to take, as these institutions will need to be notified as soon as possible upon the death of one of your parents. This can include getting in touch with the following:

*Banks

*Insurers

*Investment companies

*Utility companies

*Tax companies

Contacting each of these institutions is important because you likely will end up having to close single accounts one by one. Keep in mind that timing is extremely important, and that you will also need to understand the process involved with closing accounts, or even having them shifted to another individual.

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