I figure since LKman's thing is too hard to read since I just randomly came back, so I'll just repost it here, all credit goes to LKman. (See above post)
Obtain the death certificates make several copies and have them notarized.
Search their paperwork. Main things to look for: the will, certificates birth, marriage etc, insurance policies, any bank information(accounts, loans on car, house or?), tax returns, insurance papers: life, health, car, home etc.
Grab any papers showing ownership of the home, cars or other large assets. Find copies of stock or investment paperwork If either was in the military at any time discharge papers (DD214). (If one was a veteran and you have a national cemetery nearby both can be buried there free or small fee with the VA benefit. VA[1] or 800-827-1000. )
Also if they have bank statements or cancelled checks keep them and look through them later for any payments to insurance companies, credit cards, services (all need to be contacted and closing arrangements made).
Any small key in their important papers may be a safe deposit box, should be with their current bank if one exists.
Sort out paperwork or documents showing money coming in and what is going out (bills owed, things getting payments) Bring all of this to their lawyer or get an estate lawyer and see which things s/he will work on and which you have to do on your own.
Keep paying their bills out of their accounts until will/executor paperwork is sorted out. <this is the best advice I received. You can start paying them all off once you have the papers in hand and the estate account set up. Your or the lawyer will have to submit the paperwork the town/city to get probate approved. Once you have death certificate and executor paperwork in hand you can get access to their accounts at the bank (if they have auto pay things going on you might want to leave them open a little while). You will want to open up your own account as executor. My account said “estate of parents” my name with executor next to it. Any payments from selling cars, house, insurance or other items are to be deposited there. This will be used to deposit incoming funds and pay things owed on the estate.
Contact their employer/s request to speak to human resources (death certificate and executor paperwork on the ready) request a run-down of any benefits (life, heath insurance, retirements, college plans etc) that you may need to handle. I would hand all the car insurance and accident report to the lawyer and let them handle that aspect of this. Depending on the details of the accident there may be money coming into or going out of the estate.
Keep in mind if you are on their car or health insurance you will need to make some arrangements to set those up for yourself. Keep up payments on both until you have things settled a bit.
Funeral homes: search their paperwork and/or call local funeral places to see if they ever made any pre arrangement, if not you have decisions to make. Choose a funeral home to use. If your parents were religious there may be rituals to follow. If not then you will need to decide on burial/cremation, embalming, plots, arrangements for services etc. If their friend makes arrangements be sure she knows your wishes and your budget. You have to sign the paperwork in the end so if they go overboard you can roll it back then.
If you make arrangements bring a friend it really does help so much to know someone has your back. The funeral place will try to add on extras or upgrades, stick to your plan. Most funeral homes will take payments, mine asked for proof of life insurance and to see a copy of the will since I lacked income at the time. Your parents may have enough in their accounts to start the payments. Push comes to shove you could get a small loan on the equity of the house to pay for the funeral but payments might be better while the estate is getting sorted out.(ask lawyer) Decide if they would want the simpler, economic path for you to follow regarding their arrangements vs an elaborate funeral. If you provide the details the funeral home will submit the obituary and arrangements to the paper. You can include the “in lieu of flowers” line and request a place you or your parents would want to support. For people who send cards/flowers sometimes writing thank you cards is sometimes done. You can enlist one of their friends or yours to do that for you.
If you are living at the house currently have a good friend of yours or a neighbor watch the place, collect papers or other deliveries and the mail. Buy timer outlets to plug lights into so some lights will come on at night/off during the day to avoid the empty unattended house risk. You can request stop mail with the post office but when I did that it was a pia to pick it up once a week. (wanted death cert, executor, proof my address then a discussion with their supervisor). I changed it back to regular delivery and had the neighbor collect it.
A visit to an accountant would also be in order considering the rental properties, investments etc. to sort out any taxes that will need to be paid now and for filing next year. They might have had one they use already or the lawyer may have one in the practice.
Depending on how much money is left over after all debts are settled you may want to also discuss, with the accountant, where you can put that money to best serve your current and future needs. You will be left with rentals, cars, house, investments in your name-decide what you are going to do with them once transferred to you.
College: contact your professors for extensions on projects, items etc due to your situation. If any professor denies you go over their head to the person above them (head of their department) with the same request. Be very clear in your request the situation you are in. Both of your parents died, you are the only child, arrangements, estate etc must be dealt with by you, request time-appreciate their time, flexibility etc. Most will allow you the time needed yet there may be one hard ass needing a call from their department head.