If your parent is still alive but the end may be near, we recommend reading our article "What To Do When the End Is Near." That guide walks through important conversations, documents, and financial steps that can make everything that follows much smoother. Preparing ahead of time can reduce stress, prevent delays, and help families move forward with greater clarity.
When your last parent passes away, you’re not just grieving. You’re stepping into a new role. You’re now the next generation. The one responsible for decisions, communication, and organization.
That can feel overwhelming. This guide is designed so someone could sit at a kitchen table and simply start working through it.
Before the checklist, one of the most helpful things to understand is timeline. Many families feel pressure to wrap things up quickly. In reality, settling an estate takes time, and that is completely normal.
A Realistic Timeline (So You Can Set Expectations)
First 1–2 weeks Order death certificates Secure home and assets Locate documents Notify financial advisor Begin gathering account information
Weeks 3–4 Contact attorney if probate may be needed Determine beneficiaries Create initial asset list Confirm executor or trustee Continue notifications
2–6 months Open estate if needed Pay bills and expenses Collect insurance proceeds Transfer accounts Prepare home for sale if applicable Complete required distributions
6–12 months (sometimes longer) File final tax return Resolve outstanding issues Distribute remaining assets Close estate
Important note to communicate to heirs
It is wise not to distribute money immediately. Taxes, expenses, and unknowns can arise. Moving slowly protects everyone and avoids asking for money back later.
You can say
"We are working through everything carefully. Most estates take several months to settle. We want to make sure taxes, expenses, and paperwork are handled correctly before distributions."
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1. Slow Down Before Making Major Decisions
This is not the time to sell the house, move money, or divide assets. Grief impacts judgment. Very few financial decisions are urgent, but many mistakes happen when people move too quickly.
Pause. Gather information. Communicate. Then decide.
According to Cerulli Associates, $84 trillion is expected to transfer from older generations to heirs over the next two decades. These decisions are often large. Taking time matters.
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2. Order Death Certificates
You will likely need death certificates, but fewer organizations require original copies today than in the past.
Ordering 5 to 8 copies is typically sufficient. In many cases, scanned copies are accepted. The most common situations requiring original death certificates include transferring real estate through the Register of Deeds and the occasional financial institution.
Where to order
• Funeral home (easiest)
• County clerk
• State vital records office
Immediately after receiving them Create a high-quality digital scan. Many organizations accept digital copies.
Checklist
☐ Order multiple copies (5–8 typically sufficient)
☐ Create digital scan
☐ Store originals safely
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3. Secure the Home and Immediate Assets
This protects against theft, damage, and insurance issues.
Checklist
☐ Lock home
☐ Confirm homeowners insurance active
☐ Forward mail
☐ Maintain utilities
☐ Care for pets or dependents
☐ Remove obvious valuables if needed
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4. Notify Key Organizations
This stops payments, prevents fraud, and starts transitions.
In many cases, the funeral home notifies Social Security, which then flows through to Medicare and Medicaid. Because of this, families often do not need to contact these agencies directly. However, it is still wise to confirm benefits have stopped appropriately.
What to say when calling
"I'm calling to report the death of [Name]. They passed away on [date]. I'm [relationship]. What do you need from me and what are the next steps?"
They may ask for
• Name
• Date of death
• Social Security number
• Death certificate
• Your contact information
Notify these first
Financial
☐ Banks
☐ Investment firms
☐ Retirement accounts
☐ Pension providers
Insurance
☐ Life insurance
☐ Homeowners insurance
☐ Auto insurance
Professional contacts
☐ Financial advisor
☐ CPA
☐ Attorney
Employer if applicable
Ask about
• Final paycheck
• Pension
• 401(k)v
• Life insurance
How to Notify Credit Bureaus (Identity Theft Protection)
Experian 888-397-3742
Equifax 888-548-7878
TransUnion 800-680-7289
What they need
• Name
• Social Security number
• Date of death
• Death certificate
Ask them to
• Flag file as deceased
• Send credit report
• Block new credit
Important tip Ask each organization what they need. Some require originals, others accept digital copies.
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5. Contact the Financial Advisor
This is one of the most important early calls. You do not need multiple calls. Ask them to gather everything.
Tell them
"My parent passed away. Can you help me gather everything and outline next steps?"
- Ask them to provide
List of all accounts
• Beneficiaries on each account
• Date-of-death values
• Step-up in cost basis values
• Required distributions
• Life Insurance Policies - What paperwork is needed
Which assets avoid probate
• Estimated timeline
Checklist
☐ Notify advisor of death
☐ Request full asset list
☐ Request beneficiaries
☐ Request date-of-death values
☐ Ask about required distribution
☐ Ask what paperwork is needed
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6. Gather Important Documents
Checklist
☐ Will or trust
☐ Account statements
☐ Life insurance policies
☐ Property deeds
☐ Tax returns
☐ Mortgage information
Where to look:
File cabinets
Safe deposit box
Attorney
Financial advisor
CPA
Mail
Email
Additional place many families overlook For older estates, the original will may be held at the probate court in the county where your parent lived. Decades ago, safekeeping wills at the court was common practice. While this is no longer standard, it is still worth checking, especially if documents cannot be located.
Executor or Trustee This is the person responsible for handling everything. They gather assets, pay bills, and distribute money according to the will or trust.
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7. Determine if Probate or an Estate is Needed
What is probate Probate is the legal process that gives someone authority to act on behalf of the deceased. The court formally appoints the executor.
You may need probate if Assets in one name only No beneficiary listed No trust exists
You may NOT need probate if Assets in trust Beneficiary designations Joint ownership
Timing matters It often takes three to four weeks or longer for the court to open probate and issue Letters of Authority. Delays in starting this process can push back creditor notice periods and slow the overall timeline. If probate is likely, contacting an attorney within the first three to four weeks is typically helpful.
Opening an estate means Creating a legal entity called "The Estate of [Name]" so money can be collected and bills paid.
This often includes Court appointment if needed Opening estate checking account Depositing incoming funds Paying expenses
Checklist
☐ Determine if probate required
☐ Contact attorney within 3–4 weeks if needed
☐ File will with court if needed
☐ Receive executor authority
☐ Open estate checking account
☐ Pay bills from estate account
☐ Track expenses
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8. Create a List of Assets and Debts
Checklist
☐ Bank accounts
☐ Investment accounts
☐ Retirement accounts
☐ Life insurance
☐ Real estate
☐ Vehicles
☐ Personal property
☐ Debts
☐ Mortgage
☐ Credit cards
☐ Medical bills
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9. Understand Step-Up in Cost Basis and Handle Tax Valuations
One of the most important financial opportunities after a parent passes away is something called a step-up in cost basis. This can significantly reduce taxes for heirs.
What is step-up in cost basis When someone inherits investments or property, the value resets to the date-of-death value, not what the parent originally paid.
Capital gains tax is based on the difference between sale price and cost basis. The step-up eliminates taxes on gains that happened during your parent’s lifetime.
Example with investments
Your parent bought a stock for $20,000 At death, it is worth $100,000 You sell for $102,000
Without step-up Taxable gain = $82,000
With step-up Taxable gain = $2,000
Example with real estate
Parent bought home for $150,000 Value at death $400,000 You sell for $410,000
Without step-up Gain = $260,000
With step-up Gain = $10,000
Who provides values
Investments
Your financial advisor typically provides
• Date of death values
• Cost basis reset
• Documentation
Ask them on the first call.
Real estate
You can determine value using
• Real estate agent comparative market analysis
• Appraisal
• County tax value
• Online estimates as temporary reference
Checklist
☐ Request date-of-death values from advisor
☐ Confirm step-up applied
☐ Obtain real estate value
☐ Document values
☐ Avoid selling before confirmed
☐ Coordinate with tax preparer
☐ File final income tax return
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10. Don’t Distribute Money Too Quickly
There may still be Taxes Bills Legal costs Unknown expenses
Checklist
☐ Identify expenses
☐ Set aside reserves
☐ Communicate timeline to heirs
☐ Distribute when clear
Where to Start First
☐ Order death certificates
☐ Secure home
☐ Notify financial advisor
☐ Contact attorney (if probate likely)
☐ Notify banks and institutions
☐ Gather documents
☐ Determine executor
☐ Create asset list
You do not need to do everything today. You just need to begin.
About Rose Street Advisors Wealth Management
At Rose Street Advisors Wealth Management, we work closely with individuals and families navigating life’s biggest financial transitions. Losing a parent and settling an estate is not just a financial process. It is emotional, relational, and often filled with decisions most people have never had to make before.
Our role is to bring clarity and calm to complex situations. We help families organize accounts, understand beneficiaries, coordinate with attorneys and tax professionals, determine step-up in cost basis values, and create a thoughtful timeline for distributions. Just as importantly, we help families avoid rushed decisions that can create unnecessary taxes or tension.
We often serve as a central point of coordination, helping ensure nothing is missed while allowing families to move at a thoughtful pace.
If you are walking through this process, you do not have to do it alone. We would be honored to help you think through next steps, answer questions, or simply provide guidance during a difficult season.
Please reach out to our team. We would be glad to help.