Preplanning a funeral is so important, but it’s not something people like to discuss. Unfortunately, many people die unexpectedly for a vast array of reasons, and the stress of planning a funeral may sometimes lead to hurt feelings and arguments between family members. One of the best gifts you can give your loved ones is preplanning your funeral. In fact, many financial advisers believe that creating an end-of-life plan is not only necessary but an essential component of a sound financial plan. It is the beginning of a new year, so it’s a great time to look at your investments, finances and also funeral planning.
What Does Preplanning Mean?
Funeral preplanning is the task of planning an entire funeral before the person passes away. Preplanning allows you time to visit several funeral homes as well as choose the type of service you want, right down to choosing the music that will be played, without being under any pressure to make an immediate decision. Preplanning a funeral means you are less stressed about leaving the decisions to your loved ones and you will typically save money.
Lessen the Financial Burden
The price of funeral services continue to increase, with the current average cost of a funeral being about $5,000, but they can cost upward of $10,000, depending on the service, the funeral home and other expenses. One of the best benefits of preplanning a funeral is that it allows you to secure the current rates for many of the significant expenses. There are a few different options to choose from when it comes to preplanning, including a pre-need plan.
A pre-need plan will allow you to create a comprehensive funeral plan in advance. It is highly recommended that when creating a comprehensive end-of-life strategy that you seek the help of qualified pre-need specials. These individuals can help with the all-inclusive funeral plan as well as a contractual agreement. This plan is referred to as “all-inclusive” because it allows you to:
- Plan all of your end-of-life preferences, services and select the preferred memorial items.
- Purchase an insurance policy with an adequate face amount (death benefit) to cover the total costs of the plan you have created.
- This type of plan is insured for life, so if costs increase over time, all of your funeral expenses are still locked in and covered, regardless of price increases over time.
- You have the option to use an insurance policy and/or a funeral trust to preplan and prepay your end-of-life plan.
Once you have completed the process of preplanning, it is important to sit down with your loved ones and talk with them about your plans. Even though you may have your wishes in your will, in most cases, wills are not reviewed until after the funeral is over. So, remember to have your wishes in writing and give each family member a copy.
To learn more information about funeral preplanning or for assistance during the process, contact Schoedinger Funeral and Cremation Service.