Do you know what will happen to you if you were to suddenly pass away today? What would your family go through? How would they handle the news and get all of the arrangements made for your funeral? You can control the situation even after you pass away if you take the time to pre-plan your own funeral. More people are taking the initiative and making all of their own funeral arrangements years in advance. The purpose of my blog is to help those who want to plan their own funerals get through it quickly, easily and knowing that their investment is protected for the future.
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planning your future funeral today
For Your Family And Finances, Plan Your Own Funeral
Stacy Carpenter
The task of planning your own funeral isn't easy, but it's a task worth doing for your family, your friends, and your finances. And while you can't take your cash with you, how you allocate it in preparation for your own death makes a huge difference to your survivors.
According to AARP, The average cost of a funeral in the U.S is $7500. If you pass without making arrangements, your survivors will have to cover the funeral costs, usually upfront. No one wants to place another burden on their already aggrieved friends and family. Even if you have the money in savings to cover the funeral costs, those funds will have to probated in your will. That process can sometimes take up to a year to complete. In the meantime, your family and friends will be on the hook for the funeral.
The best way to avoid all of this is to establish a Payable on Death Account (POA) at your local bank. Once set up, all you do is make regular deposits to that account like you would any other checking or savings account. Funds in a POA are not probated like other types of accounts, meaning that money is available directly after you expire. A trustworthy survivor of your choosing will simply present your death certificate to the bank to collect those funds, money that they can use to pay for funeral expenses.
Many funeral homes also offer the option to pay upfront in order to lock in prices. This is a good choice if you're facing a seizure of your assets by Medicaid or a nursing home upon your death. However, if your assets aren't claimed by an organization, the POA is a much better option because many things can happen in between the planning of your funeral and your actual death. Prepaid funds could be lost if you change your mind about where to be buried or you move and decide upon a funeral in another state.
Making the Funeral Plan
The first thing to remember is that funerals are not one-size-fits-all. You will have an endless array of options to choose from. Cremation? Burial? Service at the funeral parlor? A home service? Graveside Service? Who's Invited? All of those things have to be decided, not to mention your final resting place. So, feel free to shop around. Visit or consult several funeral homes. Find one that you like and trust and that also has reasonable prices.
You can also arrange all of the things required for your funeral separately. The required services can easily be set up through separate providers and not solely through the funeral home. Company A hosts the service. Company B digs the grave, etc. And caskets can even be sourced online.
Once everything is arranged, your family and friends should be made aware of your wishes. That way, when the inevitable comes, they will have one less thing to decide as they mourn. Talk to a funeral home for help with funeral services.
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