Parent Passed Away? 7 Financial Steps to Take Now

When a parent dies, grieving families often delay or mishandle critical financial tasks — claims, nominations, transfers, and legal paperwork. Here is a clear, step-by-step guide to protect your family's money during one of life's hardest moments.

Here's what happened: Millions of Indian families lose access to bank accounts, insurance payouts, and investments after a parent's death simply due to missing paperwork or no nominees.. Unclaimed financial assets — FDs, PPF, EPF, LIC policies — pile up every year because families don't know how or where to file claims.. Without a Will or nomination, even a simple bank account transfer can take months of court visits and legal fees, draining both time and money..

What you should do: Locate all financial accounts immediately: check bank statements, Form 26AS, and the EPFO portal to find every asset the deceased held.. File insurance death claims within 30 days — most life insurers require the death certificate, policy document, and nominee ID to process payment.. Apply for a Legal Heir Certificate or Succession Certificate from your local tehsildar or court — this is mandatory to transfer assets without a nomination..

Pro tip: If your parent had a mutual fund SIP with a nominee, the fund house transfers units within 30 days — no court order needed. Always verify nominations are updated in all folios.