Comprehensive Financial Planning Services After the Loss of a Parent: Plan for the Future

Charlene Laney |

Loss of a parent - financial planning services after loss of a parent

Introduction: The Importance of Financial Planning After the Loss of a Parent

Is the sudden and painful loss of a parent leaving you tangled in a web of financial decisions and responsibilities? The emotional sting of this major life shift can leave you feeling lost and alone, trying to navigate an unfamiliar landscape of probate processes, tax forms, and paperwork. This struggle is something that echoes with many individuals, and dealing with your parent's financial matters can add a heavy layer of complexity to an already challenging time.

The loss of a parent often brings with it a resurgence of grief and a sense of vulnerability when attempting to understand and manage the financial consequences. Individuals may encounter frustrations dealing with unfamiliar institutions, the potential of missing unknown accounts, and the daunting task of reevaluating risk tolerance and financial goals. It's a draining process, one that demands resilience and a systematic approach to financial planning. Yet, amidst all the uncertainty, it's important to remember that you don't have to face this journey alone.

Financial planning services after the loss of a parent, plays a vital role in this challenging time, serving as a compass to guide you through this new terrain. At NewMaker Financial, we understand the trials associated with managing a parent's finances and aim to offer comprehensive, empathetic, and effective solutions.

Here's a quick snapshot of what to expect when dealing with a parent's financial affairs after their passing:

  • Obtain a death certificate
  • Begin the probate process
  • Get in touch with the deceased's financial advisors and institutions
  • Contact insurance companies
  • Notify relevant government agencies
  • Update credit reporting agencies
  • Prepare final tax filings

Infographic describing the steps involved in handling finances after a parent dies - financial planning services after loss of a parent infographic process-5-steps-informal

In the following sections, we dive deeper into each of these steps, explore the role of a financial advisor, learn how to assist your surviving parent with their financial matters, and delve into the benefits of hiring a comprehensive service like NewMaker Financial, to assist you during such difficult transitions.

The Initial Steps: What to Do Immediately After a Parent's Death

Navigating the loss of a parent is a monumental task, and it is often accompanied by a plethora of financial responsibilities. While it can seem overwhelming, there's a clear path to follow. Below are the crucial first steps to take in order to manage your parent's financial affairs efficiently:

Obtain a Death Certificate

The first step in the process is obtaining a death certificate. This legal document serves as an official record of your parent's death and is required to carry out many of the subsequent financial tasks. It's advisable to request multiple copies, as different institutions may require separate certified copies.

Start the Probate Process

Probate is the legal process of settling your parent's estate, including distributing assets and paying off any debts. This process is typically overseen by an executor, who might be a family member, a trusted friend, or a professional executor named in the will. If no will is present, the court will appoint an administrator to fulfill this role.

Alert the Deceased's Financial Advisors and Institutions

It's crucial to inform any financial advisors, banks, and other financial institutions about your parent's death as soon as possible. This includes mortgage companies, credit card companies, and any businesses where your parent had an account. This step helps prevent identity theft and ensures the proper handling of your parent's assets.

Contact Insurance Companies

If your parent had life insurance policies, contact the insurance companies to claim the benefits. The payout can help cover funeral expenses, pay off debts, or provide financial support for the surviving family members.

Notify Relevant Government Agencies

Notify government agencies such as the Social Security Administration and the Department of Motor Vehicles. The Social Security Administration may provide survivors' benefits, and the DMV can cancel your parent's license to prevent misuse.

Update Credit Reporting Agencies

To prevent identity theft, notify the major credit reporting agencies (Equifax, Experian, TransUnion) of your parent's death and provide them with copies of the death certificate.

Prepare Final Tax Filings

The last task is preparing and submitting your parent's final tax filings. This step is crucial for determining what in the estate is truly available to the heirs. It's recommended to work with a tax professional to ensure the correct procedures are followed.

At NewMaker Financial, we understand how daunting these steps can be, especially while grieving. We're here to provide comprehensive financial planning services after the loss of a parent, offering guidance, support, and expertise throughout each stage of the process. Let us help you navigate this complex journey, providing you with peace of mind during this challenging time.

The Role of a Financial Advisor in Managing a Deceased Parent's Finances

Losing a parent is an emotionally draining experience, and dealing with the financial aftermath can add to the stress. However, with the help of financial planning services after the loss of a parent, the process can be made more manageable. Here's how a financial advisor can assist in managing a deceased parent's finances.

Understanding the Total Financial Picture

Financial advisors have a holistic understanding of their client's finances. They are aware of the complete financial picture, from insurance policies and retirement accounts to trusts and wills. They also understand the ins and outs of different financial institutions and their requirements.

Uncovering Unknown Accounts

Sometimes, a deceased parent may have accounts that the family is unaware of. For example, they may have bought annuities decades ago held at various insurance companies. A financial advisor will know the right questions to ask and can speed up the process of identifying and accessing these hidden accounts considerably.

Navigating Complex Technology

Dealing with technology, especially from a foreign country, can be a daunting task. Whether it's a complex banking system or decoding passwords and barcodes, a financial advisor can guide you through the process, making it less overwhelming.

Dealing with Retirement Accounts, Pension Companies, and Insurance Companies

Dealing with retirement accounts and pension companies after a parent's death can be confusing, especially because of the complex tax and transfer rules. A financial advisor can facilitate the process more quickly, helping to avoid any unexpected issues and making sure the accounts are set up correctly to avoid potential tax penalties.

Acting as a Liaison Between Family Members

A financial advisor can also act as a neutral third party, helping to discuss the best course of action among beneficiaries. They can explain the process and expectations with respect to time and requirements by account custodians. This can save time and money in the long term and ensure that decisions are made in the best interest of all parties involved.

Coordinating with Other Professionals

A financial advisor often has relationships with other professionals like the client’s CPA, estate attorney, and insurance agents. They can work as a team to brainstorm the most efficient tax and future estate planning strategies. An advisor can help coordinate tasks like obtaining trust tax IDs, updating estate documents, and making sure any trust accounting is in place.

Reevaluating Risk Tolerance, Goals, and Expenses

After the loss of a parent, your financial situation may change considerably. An advisor from NewMaker Financial can help to reassess your risk tolerance, goals, and expenses going forward. They can guide you in adjusting your financial plan and investment strategy to fit your new circumstances.

In conclusion, with comprehensive financial planning services after the loss of a parent, you can navigate through this difficult time more smoothly, ensuring that your loved one's financial affairs are handled with care and expertise. At NewMaker Financial, we're here to help every step of the way.

How to Assist Your Surviving Parent with Financial Matters

After experiencing the loss of a parent, dealing with financial matters can be overwhelming for the surviving parent. At NewMaker Financial, we understand this and provide comprehensive guidance to help you navigate these complex situations.

Checking in with Your Surviving Parent

It's essential to check in with your surviving parent as soon as possible. They may be overwhelmed with emotions and may require assistance with managing the household finances. However, tread lightly and ensure you ask what sort of help they need, rather than assuming you should take over all money matters. If they resist your offer but seem to struggle, continue checking in regularly to see if they need assistance.

Helping Your Parent Obtain Copies of the Death Certificate

Your surviving parent will need several copies of the death certificate for various financial institutions. We can assist you in handling this task by guiding you on how to order copies through the funeral home or the state vital records office.

Ensuring Your Parent Has Access to Cash and Joint Bank Accounts

If your parents had a joint bank account, your surviving parent should have access to it. However, they may not know how to access the account, especially if the deceased parent managed all the money. We can help you and your surviving parent gain access to the bank account and ensure they have a reliable source of cash.

Identifying Sources of Income

It's crucial to identify all sources of income to help your surviving parent manage their finances effectively. This can range from ongoing income streams like rental properties, pensions, or social security benefits to potential income from assets such as stocks or bonds.

Assisting in Organizing and Paying Bills

We can help your parent understand what bills they need to pay and when these payments are due. We'll assist in setting up a bill payment system that's easy for your parent to understand and manage.

Identifying and Consolidating Financial Accounts

Once your deceased parent’s estate has been settled, we can help your surviving parent review financial accounts to see what can be consolidated. Fewer accounts can make it easier for your surviving parent to manage their finances.

Creating a Filing System for Financial Documents

A well-organized filing system can help your parent keep track of their financial documents. We can assist in setting up a system with labeled folders for banking, bills, credit cards, insurance, mortgage, and taxes.

Discussing Power of Attorney

If your parent isn't comfortable handling financial matters on their own, it might be beneficial to discuss the possibility of you becoming their financial power of attorney. This would allow you to make financial transactions and decisions on their behalf.

Considering Professional Help from a Daily Money Manager or Financial Planner

If managing your parent's financial life after the loss of a spouse feels overwhelming, consider seeking professional help. Our team at NewMaker Financial can assist with both daily financial activities and long-term financial planning.

Staying Alert to Unusual Financial Activity

Unusual financial activity can be a sign of fraud or identity theft. We can help you set up systems to monitor your parent's accounts and alert you to any suspicious activity.

At NewMaker Financial, we provide comprehensive financial planning services after loss of a parent, support, and guidance during this challenging time. Our goal is to ensure your surviving parent's financial matters are in order and they feel confident about their financial future.

The Benefits of Using NewMaker Financial's Services After the Loss of a Parent

Losing a parent is a painful experience. Amid the grief, there's the added stress of handling the financial aftermath. This is where NewMaker Financial steps in. Our holistic vision planning and investment management, commitment to education, and approachability set us apart. We offer much-needed support during this difficult time, ensuring that you and your family can focus on healing and remembering your loved one.

Holistic Vision Planning and Investment Management

At NewMaker Financial, we believe that financial planning should not be a collection of isolated strategies, but a holistic vision that takes into account your life's goals, dreams, and concerns. In the wake of losing a parent, we understand that your financial landscape may have shifted dramatically. Our experts will work closely with you to develop a comprehensive financial plan that aligns with your new reality.

This plan will not only include managing your inheritance, but also revisiting your own financial goals to align them with your current circumstances. Our objective is to maximize your wealth preservation while strategically planning for your future, all in a tax-efficient manner. Whether it's paying off high-interest debt or rebalancing your investment portfolio, our financial advisors will guide you every step of the way.

Prioritizing Education

We believe that knowledge is power. That's why we prioritize education as part of our financial planning services after the loss of a parent. We provide our clients with the necessary tools and knowledge to make informed financial decisions during this life transition.

Our advisors will explain complex financial concepts in simple language, allowing you to understand the implications of each decision. We aim to foster a sense of confidence and control, so you can actively participate in shaping your financial future.

Being an Approachable and Reliable Partner

Navigating finance can be overwhelming, especially during times of grief. At NewMaker Financial, we strive to be your approachable and reliable partner. We're here to listen, to understand, and to provide guidance when you need it most.

Our transparent dealings and respect for your concerns form the core of our advisory relationships. We're here to answer your questions, alleviate your worries, and most importantly, ensure you feel supported during this challenging time.

In conclusion, at NewMaker Financial, we're dedicated to providing you with comprehensive financial planning services after the loss of a parent. Our holistic approach, commitment to education, and empathetic partnership aim to make your financial journey as smooth as possible, allowing you to focus on what truly matters—honoring your loved one's legacy and moving forward with your life. family support - financial planning services after loss of a parent

Conclusion: Planning for the Future After the Loss of a Parent

Losing a parent is an emotional upheaval, and dealing with financial matters during this time can add to your stress. Yet, this is also a crucial time to ensure that your parent's legacy is honored, and their final wishes regarding their assets are respected. At NewMaker Financial, we understand the complexities and challenges you face during this time, and we are here to help.

By seeking financial planning services after the loss of a parent, you're not only ensuring that your parent's financial affairs are handled efficiently and effectively, but you're also taking a big step towards safeguarding your own financial future. The decisions you make during this time can significantly impact your financial well-being. We're here to guide you through this process, providing expert advice, helping you avoid common pitfalls, and ensuring you're making informed decisions.

We offer a comprehensive range of services that cater to your specific needs in this difficult time. From managing your parent’s accounts and liaising with other professionals and family members to reevaluating your financial goals and risk tolerance, we take care of it all. We believe that each family’s situation is unique, and we customize our approach accordingly, providing personalized guidance and support.

Our team is committed to helping you navigate this complex time with compassion and professionalism. We understand the emotional toll of losing a loved one and are here to alleviate the financial burden as much as possible. Let us be your financial ally in this journey, helping you honor your loved one's legacy while setting you on a path towards financial stability and security.

At NewMaker Financial, we're more than just financial planners - we're partners in your financial journey. We're here to support you during this challenging time and beyond, helping you navigate life's transitions and build a secure future.

For more information about our services, please visit our services page. To learn more about how we can assist you during life transitions, check out our education center.

You don't have to navigate this difficult time alone. We're here to help and guide you every step of the way.