Well, it depends upon what sort of deceased parents are, because for each there should be a different answer, and those who, it is in fact the children themselves who should find out what are the best prayers, because whenever it was asked of the Prophet, which is the best act, he answered differently. For some, when it was asked which is the best act to please Allah, he said, serve your mother. While for others he answered the same question by telling them that Jihad fi Sabilillah is the best act, and for some others he said prayer is the best thing to do. And to some others, some other answers.
Now apparently there are contradictions. The question is the same, but the answers are different. But in reality, this shows the deep wisdom and the most comprehensive wisdom of the Prophet and his knowledge of human character, and the extensive knowledge he had about his own companions individually as well. Because whenever somebody asked what is the best act, he immediately gave the answer applicable to the conditions of that person. If for instance he was weak in his service to his mother, the best act for him would be service to his mother. And if he was weak in praying, in worshipping, and that was the point where he lagged, the best answer to him would be, for you the best act is praying, worshipping Allah, which you do not tend to attend properly.
And similarly, a person who was weak in Jihad or interests, who had weaker interests in Jihad, he should be told that for you the best act is to pay attention to the holy war or the service to Islam, generally speaking. So this is exactly applicable to the question which you have asked. The best prayer for any parents would be different according to the circumstances. Some parents might need help in certain regards through prayers, they were for instance weak in certain regards, and some parents might have a certain desire to be fulfilled, which they could not. So the best prayer for them should be according to their liking then, that O Allah, they could not do this while they lived and they desired, so please reward them as if they had done it, for instance. And also, the interrelationship between parents and children varies and that also dictates different things for, I mean, dictates different prayers.
For each person, according to his relationship with his parents, the answer to the same question would be different. Yes, please, somebody raise his hand here while I was answering this question. Was it you, Ibrahim? No? No. But generally speaking, the holy Quran has given you a prayer, This is a comprehensive general prayer which is very useful and effective and this is why it has been made a part of the daily prayer. And again, And again in the verse where it says when he reaches the age of 40, then he prays to Allah. So all those references to the parents are by way of reminding you of their obligations to you and telling you how best you should pray for them.