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Planning for your funeral ahead of time

On Behalf of | Aug 3, 2022 | Estate Planning |

It may feel easy to focus on your physical wealth, quality of life health care choices and who inherits what after you die. Another thing that goes a long way to providing stability to your grieving loved ones is having a funeral plan you helped write yourself.

By establishing a plan, whether that means a preneed funeral contract with the funeral home or a payment on death account, you may help save peace of mind and time with the early preparations. Knowing about what to expect from the funeral aspects of your estate plan may make the process go smoother.

The usual costs

According to the National Funeral Directors Association, as of 2021 you could reasonably expect to pay a median cost of $7,800 on a viewing followed by a burial. If you prefer cremation, that median cost becomes $7,070. There are many required costs in these estimates including transport to the funeral home and the basic services fees. However, a funeral home may not require embalming if you prefer a closed casket service. Cemeteries also may require the installation of a vault in case of burials.

The usual methods of payment

This may sound complicated, but there are many options to help you prepare for them. Trusts designed to pay for your funeral may help secure the money for your services. Preneed contracts with the funeral home also provide ways of planning a service and paying it over time.

In all these options, it is vital to communicate with your family and lean on your resources and make sure that any contract conveys your last wishes in a clear manner.