Before a Loved One Dies, Here’s How You Can Help Clean Up Their Finances

Losing a loved one is never easy, but organizing their finances in advance can help ensure a smoother transition and ease the burden during an emotionally difficult time.

Taking proactive steps, such as organizing passwords, naming beneficiaries, and consolidating financial accounts, will help spare you stress and confusion if something should happen.

Financial Checklist

For end-of-life planning, you can start by organizing essential documents and financial matters in advance. Several websites, such as Everplans, provide free checklists to make the process simpler. Additionally, you can also make a spreadsheet that compiles all of the important details in one place. 

As you begin the process, here are some of the key steps to take and important considerations to keep in mind:

• Will and power of attorney: Make sure their will is up to date, and a power of attorney has been named. According to a 2025 study from Caring.com, just 25% of Americans have a will.
• Organize account statements: Get one account statement that includes the account number for each banking and investment account in a secure place.
• List outstanding debts: Make a clear record of all debts, such as mortgages, credit cards, loans, and medical bills, to help the executor manage payments and avoid surprises.
• Vehicle titles and property deed: Secure all vehicle titles and the property deed for any home that’s owned outright. This will ease the transfer of ownership and help the executor avoid delays.
• Consolidate passwords: Create a secure list of passwords for banking, investment, email, and utility accounts. Consider a password manager if digital security is a concern.
• Organize important contacts: Compile the contact information for lawyers, bankers, and wealth advisors who are familiar with their financial affairs.
• Review insurance policies: Gather information on life, health, and long-term care insurance policies, including coverage details and beneficiaries, to facilitate claims and help cover final expenses.

Importantly, these steps will help avoid complications in probate, which is when a will is verified, usually over the span of 20 months. Overall, the cost of probate is typically 3% to 7% of the value of the estate.

Get Organized

Add named beneficiaries to all of your financial accounts to ease confusion by survivors and probate courts. It can also be useful to name primary and alternate beneficiaries in case your primary beneficiary passes away.

“Make sure you have beneficiaries on all of your investment accounts, especially retirement accounts,” says Jennifer Luzzatto, president of Summit Financial Partners. “One’s will does not direct what happens to retirement accounts. They have to have beneficiary designations on each account individually.”

And while you’re sorting through papers, collect one clear account statement that includes the account number for each banking and investment account into a secure, yet accessible place. And collect one account statement for each household bill, such as utilities and phone payments, so that the executor can make the final payment on each and close those accounts when needed.

“If a power of attorney has been named, add that information to the [banking and investment] accounts so they will be able to act on your behalf,” Luzzatto says.

In sum, organizing all of the necessary information ahead of time in one secure place will ensure that end-of-life planning can be as simple as possible.

The Bottom Line

Being proactive about end-of-life planning can feel uncomfortable, but it’s worth the time and effort. It will provide you with more clarity if a loved one passes away, and it will help ensure their financial affairs are managed properly. By organizing key documents, naming beneficiaries, and updating the will and power of attorney, you’ll reduce confusion, cut costs, and protect your loved one’s legacy.