As your parents age, it is important to be prepared for their eventual passing. Sometimes, your parents might have a living trust that will help with their end-of-life care and funeral preparations.Here are a few of the tasks that need to be completed when your elderly parents pass away.
One step that you’ll need to take almost immediately after your elderly parents pass is to start making arrangements for their funeral. Their funeral should take place within one week after their death. If they’ve chosen to be cremated instead of traditionally buried, there can be a little more flexibility in this timeline.
A funeral home should be able to take care of preparing the body for the funeral and burial. It can be helpful to have a budget for funeral costs to help guide your decisions as you’re preparing for the funeral. Some funeral companies are unnecessarily expensive and take advantage of the emotional difficulty of the situation to make more money. Planning ahead for funeral costs and arrangements can help you to find a trustworthy funeral company and prevent any issues with this.
Handling an Inheritance
Another task that you’ll need to complete after your elderly parents pass is handling an inheritance. When your parents pass away, you’ll need to go through their will, trust, and other legal documents to know how to handle their estate. It can be helpful to hire a lawyer in this process to ensure that all matters are taken care of properly and legally.
If you’ve received your parent’s former home as part of your inheritance, you’ll have to make accommodations to care for or sell the home. Some banks may require you to refinance the loan, so it may be easier to sell the property. Selling also might be a bit more difficult if the home has to go through the probate process.
Make Copies of Important Documents
When your parents pass away, make sure that you make copies of their important documents. This includes their legal documents such as their will and trust. This also includes their birth certificate, death certificate, medical records, and more. You’ll likely need copies of these documents anytime an official or important decision has to be made regarding their life or possessions. You might want upwards of ten copies of their death certificate as you’ll need to send it to various contacts to receive benefits such as life insurance, social security, retirement accounts, and more.
So, if you’re anticipating the death of your elderly parents, or if they’ve already passed, remember these tasks that need completing. You’ll need to take care of funeral costs, handle an inheritance, and make copies of important documents, among other responsibilities. Most importantly, make sure you’re taking time with your family to mourn, heal, and reflect on their life and legacy.
Did you enjoy reading this article? Here’s more to read: Where to Buy a Second Home in Retirement