You’ve heard about death and taxes. While having a plan for your funeral may not be a big priority, creating a plan for your family when you pass is something everyone should do. WHNT’s recent article, “How to plan for life after death,” says the first step is having that conversation with someone you trust. It may be a close friend, a family member, or an attorney.
The National Institute on Aging has created a comprehensive list of considerations for those who are facing end of life decisions. It’s also a great resource for caretakers. This can help you think about some important considerations like what you want in terms of a funeral service, burial or cremation if you want life insurance to pay your last expenses, and how your estate should be handled. Advanced planning for things like this will may make the process easier for those you leave behind, especially if you work with an experienced estate planning attorney.
There are also some fundamental decisions that can ease the financial burden on your loved ones. The average North American traditional funeral costs between $7,000 and $10,000. This price range includes the services at the funeral home, burial in a cemetery and the installation of a headstone at the cemetery. The National Funeral Directors Association reports that the median cost to move the remains of a loved one to a funeral home in the U.S. is $325. Embalming can run about $725, and the average cost of a vault in the United States is $1,395, as of 2017.
According to the 2018 NFDA Cremation & Burial Report, the 2018 cremation rate is estimated to be 53.5%, and the burial rate is projected to be 40.5%. Forbes says that roughly 42% of people opt to be cremated because of the costs involved with a standard funeral in the United States.
When some people consider these costs, they may think differently about what they would like their family members to plan to commemorate their lives. Writing down what you would like your family members to do for your memorial service can save them significant strain and stress as they cope with losing you, and it can also save them significant costs.
Reference: WHNT (June 30, 2019) “How to plan for life after death”