Finance Advice for Funeral Planning

Creating a Pre Need End of Life Plan

“Like so many families, when we suffered the loss of a loved one last year we faced the difficult decision of what to do next.  Because we were never willing to accept this as a possible outcome, nor did we think about pre-planning a funeral for this incomprehensible loss, we had no idea where to begin or who we could turn to.” — Chris Hill, Founder – FuneralResources.com

Many people are now realizing that the best finance advice is to have a sound financial and estate plan that takes care of your funeral services, funeral costs and funeral expenses ahead of time.  Pre need funeral planning gives you the ability to choose your method of disposition, the exact type of services you want, and allows your family to focus more on things such as grieving and recovery. In addition, pre need funeral planning is also a good thing for you because it allows you to make extremely important decisions through a calm and clear thought process. Emotionally, it is much more likely that you will create a more rational and logical end-of-life plan.

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Creating a smart end-of-life plan includes two key elements:

1.  Preparing an Estate Plan (in advance)

Your may have started your estate planning process by creating a will or trust.  However, the sad truth is that approximately 70% of Americans die without even leaving a Will, also known as a Last Will and Testament, which is designed to detail their final plans and preferences. So what this means is that many families are left to deal with many emotional and financial pressures of paying funeral costs.

The best finance advice says that by creating a will or trust, you have clearly taken a step in the right direction.  However, as you will see below, there are other equally, if not more important matters, which need to be addressed in advance.

2.  Preparing your final arrangements (in advance)

Similar to prearranging your estate plan, another extremely important task  is addressing your family’s immediate concerns at a time when they truly need this advanced planning the most.  After losing a loved one, some of the most important needs are finding answers to questions such as:

What do we do now?

Who can we turn to?

What would you have wanted?

How will the funeral costs and funeral expenses be paid?

Was your wish to be buried or cremated?

What is your preferred final resting place?

In addition, another challenging aspect of planning a funeral is the fact that those responsible for taking care of your final arrangements are forced into making difficult decisions in a timely manner, usually within a few days after your death.

The multiple benefits…

Most people are realizing that an integral part of a sound financial and estate plan is taking care of your funeral services ahead of time. Planning a funeral in advance gives you the ability to choose your method of disposition, the exact type of services you want, and allows your family to focus more on things such as grieving and recovery. In addition, funeral planning in advance is also a good thing for you because it allows you to make extremely important decisions through a calm and clear thought process. Emotionally, it is much more likely that you will create a more rational and logical end-of-life plan.

Tips for Creating an End-of-Life Plan

Although your advanced planning may not fully alleviate the emotional and financial stresses your loved ones will face, this will certainly help them reduce or eliminate the large majority of stress and pressures, helping them ease the pain of a very difficult situation.