17 Jun What Every Adult Child Should Do After a Parent’s Death

Losing a parent is gut-wrenching. But if you’re reading this, the grief hasn’t stopped the responsibility from showing up on your doorstep.

You’re now staring down the dual burden of mourning and managing.  Handling funeral arrangements, financial accounts, paperwork, and the very real question:

“What do we do now for Mom—or Dad—who’s still here?”

If you’re the adult child of high-net-worth parents, this isn’t just about making sure the bills get paid.

This is about safeguarding decades of wealth, protecting your surviving parent, and avoiding a second crisis that could destroy the legacy your family spent a lifetime building.

The problem? Most families wait too long.

They assume that because there’s “a will from a few years ago,” things are covered.

They’re likely not.

The Cost of Waiting 

When one spouse dies, everything changes:

• Your surviving parent’s financial world is now completely different
• Old estate plans, trusts, and powers of attorney are suddenly outdated or useless
• And unless you take action quickly, your family could end up in probate court.  Or worse, losing millions to taxes or legal disputes you never saw coming

These aren’t scare tactics.  It’s what I see happen too often from families who waited too long to act.

If your surviving parent has a net worth in the eight figures or more, the risk is even higher. At that level, proactive estate planning isn’t optional.  It’s absolutely critical.

What Adult Children Need to Do Now: A Legal Checklist

If one parent has passed and the other is still living, here are the critical steps to take immediately:

1. Review the Existing Estate Plan

Dust off the will or trust. Is it over 5 years old?

Was it written before major tax changes or wealth events?

Does it assume both parents are still alive?

If yes, you need to have your estate planning attorney review the plan to identify any triggers for action you need to take.  

2. Update Powers of Attorney

Your deceased parent may have been listed as financial or healthcare agent.
Now you need to legally assign new decision-makers before an emergency makes that impossible.

3. Assess the Trust Structure

Is there a survivor’s trust, bypass trust, or marital trust that must now be funded or administered?

This is where most families drop the ball.  And wealth silently seeps away.

You need an estate attorney who understands how to analyze and retitle assets the right way.

4. Protect the Surviving Parent from Exploitation

Unfortunately, predators know when someone’s vulnerable.
Elder fraud is real—and high-net-worth seniors are prime targets.

You must ensure accounts, documents, and access are properly secured, and that your surviving parent is surrounded by trusted advisors.

5. Review Asset Ownership and Beneficiary Designations

Are accounts jointly held? Was the deceased parent listed as the sole beneficiary on IRAs or insurance?

Failure to update these can trigger probate, unnecessary taxes, or delayed asset transfers.

6. Evaluate Tax Exposure

With one spouse gone, the estate tax exemption for the surviving spouse is at risk.  

This may be the time to explore advanced tax strategies like:

• Spousal Lifetime Access Trusts (SLATs)
• Irrevocable Life Insurance Trusts (ILITs)
• Dynasty Trusts for grandchildren
• Asset sales or transfers to reduce taxable estate growth

7. Have the Real Conversation

No more ignoring the tough stuff.

Sit down with your surviving parent and have the talk about what happens if they become incapacitated… or pass unexpectedly.

Because hoping they’ll “get around to it” is not a plan.
And waiting until they can’t sign documents is a legal dead end.

What Happens If You Don’t Take These Steps?

• A probate nightmare
• Siblings fighting over money and control
• Wealth being taxed at the highest rate possible
• Years in court because “the documents weren’t updated”
• Or worse, your surviving parent being manipulated or taken advantage of

This Is the Moment to Step Up

Your family is too important to rely on boilerplate plans or advisors who don’t specialize in complex, high-net-worth planning.

You need legal precision. You need a strategy. You need a guide.

Apply to Work With Us

At Garza Business & Estate Law, we work with a select number of families each year.  Families who understand that estate planning is not just about documents.

It’s about protecting everything you’ve worked for.
It’s about avoiding chaos.
It’s about creating clarity, structure, and peace of mind for the next generation.

If you’re ready to take control and safeguard your family’s legacy—

Apply to work with us here: https://lgarzalaw.com/schedule-online/

Because grief is hard enough.
Don’t let bad planning turn it into a legal disaster.