4 Ways To Financially Help Family Fulfill Your Final Wishes

The grief over a lost friend or a family member overwhelms many people. The pain becomes even more unbearable when arranging a funeral. Some people may struggle financially to cover the costs or feel uncertain about what the deceased individual wanted. Pre-planning can relieve some of the stress felt during this time.

#1. Make the Arrangements Now

Funeral pre-planning allows people to select the funeral home of their choice and decide what they want for the service. Paying ahead reduces the financial strain on loved ones and enables the planner to have what they want. Family members can oversee the funeral but will not need to make decisions that may cause internal or family conflict.

A funeral trust can ensure the money stays reserved for this purpose. It does not count as an asset by Medicaid and will not prohibit the ability to qualify for coverage. A financial planner can explain the differences between a revocable and irrevocable trust, and how to choose what is best for you. 

#2. Start a Savings Account

Not everyone has enough money to fund a trust all at once. A savings account specifically for a funeral makes it possible to add small amounts every week. Give the individual chosen to handle the estate the account information and include all final wishes in your will. Set up the savings as a POD (Payable on Death) account to avoid the delay of probate. The executor can access the funds instantly by showing a death certificate.

#3. Purchase More Life Insurance

Invest in a small life insurance policy for this purpose. Get current pricing from your chosen funeral home to determine the average cost. Include any extras desired and add a little more for the increases that occur over time from inflation.

#4. Make Thrifty Funeral Choices

A thrifty alternative makes it affordable to give family and friends the closure they need. Arrange for the funeral home to provide cremation services only and avoid the cost of burial, caskets, and embalming. Request a small memorial gathering after the cremation instead of a complete funeral. The event can happen at a funeral home, a private home, or elsewhere.

Keep all records of purchases and list any preferences for final plans. Put everything together with wills, insurance policies, and other essential information. Give copies to children or others who will act as an executor of the estate or make sure they know where to find the information.

For more information, contact a funeral home near you.