When someone we love passes away, the emotional weight is often so deep that everyday tasks start feeling difficult. In the middle of dealing with this weight, trying to make sense of the deceased’s finances can feel overwhelming. Bank accounts, investments, utility bills, insurance policies… you may be at a loss to even determine where to begin.
This is where understanding the deceased’s financial footprint becomes important.
Why Understanding the Financial Footprint Is Important
A financial footprint is simply the trail of money-related accounts, assets, and dues connected to someone’s life. When someone passes away, their money does not automatically transfer to family members, not even if you were a nominee (someone they selected to receive their money after they passed away).
The various processes, such as claim settlements, freezing accounts, and closing investments, take time. When you have clarity regarding these things, it helps in:
Avoiding missed financial assets (like dormant bank accounts, forgotten FDs, or old insurance policies).
Preventing penalties on pending dues.
Claiming the benefits you are entitled to, faster and easier.
Ensuring smoother communication between family members.
1: How to check if a deceased person has assets?
In the first few days after a loss, you are not “sorting finances” in a big, formal way. You are simply trying to identify what exists, where it is stored, and figuring out whom to contact when you are ready.
Below is a rough checklist of the usual places these details show up, so you can track accounts, deposits, loans, and investments, without guessing.
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a. Bank Accounts
To trace bank accounts, start with everyday paper and digital trails. Most people leave behind at least one of these:
Passbooks
ATM cards
SMS alerts or emails from banks
Bank statements in file folders or emails
Net banking and mobile banking apps.
If you are the nominee for the bank account, you can request a transfer of funds to your account. However, keep in mind that the bank will first settle any outstanding debts or dues before releasing the money.
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b. Fixed Deposits (FDs) & Recurring Deposits (RDs)
FDs and RDs are usually easy to trace because banks keep sending renewal and maturity communication.
Bank FD/RD statements
Email or SMS reminders for auto-renewals.
Entries in bank statements showing the FD/RD booking amount and interest credits.
If you are listed as a nominee, the bank will guide you through the claim process and documentation requirements, which vary slightly by bank and deposit type.
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c. Investments
They are often spread across platforms, so the goal is to list them clearly first, then check each source one by one.
Mutual funds
Stocks/Demat account
Provident Fund (EPF/PPF)
Bitcoins and other cryptocurrencies
Real Estate
For details related to investments, here are the usual ways to track them:
CAS (Consolidated Account Statement) documents via the deceased’s preferred investment platform.
EPF portal (to check provident fund balances)
Insurer apps (for policy status and the process on how to claim life insurance)
Cryptocurrency wallets or exchanges
Brokers or broking apps and websites
Again, if you are a nominee for an FD account or investments, you will be able to easily access these documents and reach out to the concerned institution.
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d. Loans
Anything involving debt matters immensely because it can help you determine what needs to be paid, closed, or insured on priority.
Home loans
Personal loans
Vehicle loans
Gold loans
Loans taken against insurance or securities
You can usually trace these through loan account statements, EMI debit entries in bank statements, lender emails and SMS alerts, or the lender’s mobile app. Once you know what exists and where, bring the paperwork together. Keep one physical folder for originals and photocopies, and one digital folder for scans and PDFs. This keeps documents ready whenever you need them.
2: How to find all assets of a deceased person?
Your loved one may have created online accounts to opt for online subscriptions to different virtual services.
Some things you want to search for include:
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a. Digital wallets & UPI Apps
Along with apps like BHIM and other private UPI offerings, consider looking for wallets linked to booking apps (for train and flights), shopping apps, and more.
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b. Online Subscriptions
You may need these to cancel the memberships or transfer them to avoid further debits.
Make a list of monthly/yearly subscriptions you think your loved one may have opted for:
OTT platforms
Membership services (news portals, fitness apps or portals, learning platforms, and other similar services).
A tip to make your search process easier:
To make things quicker, go to your loved one’s inbox and search for terms like ‘statement’, ’Policy’, ‘subscription’, ‘membership’, and ‘auto-debit’. Messages and emails may give you signs of accounts that are not immediately visible.
3: How to avoid financial lapses after your loved one passes away?
Along with the pending dues, your loved one may also have some liabilities. Common liabilities include:
Credit card balances
EMI payments
Utility bills (electricity, water, gas, internet connection)
Phone and internet bills
Society maintenance dues
Even after someone’s passing, these liabilities continue unless you close, transfer, or settle them. By addressing these, you can avoid late payment penalties and prevent any disruption in essential services (such as electricity, water, and gas).
Please remember - you do not have to pay all the dues at once. The process suggested above is only about noting the necessities. The process for clearing the loans and EMIs may take a while. While the deceased’s bank account funds may take care of some dues, the rest may be processed over time. You can also reach out to the lending institution and explain the situation to get more clarity.
4: How to go about managing a deceased person’s finances?
Once you have identified everything, an ideal step would be to create a simple list of assets and liabilities. It will help you bring everything in one place and also give you an idea of the next steps to take.
If you are thinking about how to move ahead with it, you can download the ‘Book of Important Things’. It is a downloadable and editable book which can help you maintain and update the financial records at your convenience.
Click the link to check it out – Book of Important Things.
You can update the book with:
Life insurance details
Health insurance details
General insurance details
Bank account details
Loan details
Investments (Mutual funds, PPF, bonds)
Automobiles, motorcycles, boats, RVs and other vehicles
Other important financial information
You can add more as per the deceased’s financial footprint. Once done, you can share this with some of the other adults in the family to keep them in the loop as well.
5: How to pace yourself?
Understanding the financial footprint of your loved one who has passed away is a way of showing that you care, that you respect what they did, and that you will not let it go in vain.
Therefore, keep in mind that:
It is okay to do this slowly. Many families take weeks or months to get clarity. What matters is taking small, steady steps when you can.
You do not have to go through this process alone.
It is okay to ask for help. You can consider opting for financial services and platforms that guide families through finding, claiming, and managing the deceased person’s financial assets. If you feel unsure at any point, know that seeking support is an act of self-care.
