How to Prepare Financially for You or Your Loved One’s Funeral

Funerals are costly, and more so when considering the expenses related to the memorial service to purchasing a casket. We all get uncomfortable talking about funeral plans while we’re still alive. But death is inevitable, and at some point in life, it is a reality that families must face. Therefore, making financial plans for your sendoff ceremony or that of a loved one is crucial to avoid adding more stress to your grieving beneficiaries. A licensed funeral director will guide you on how to set up your funeral to create a memorial service.


How to Make Financial Plans for Your Funeral

Financial pre-plans regarding funeral services are paramount and below are some options you can consider.


Hiring a Funeral Director

Funerals are a hassle, from completing legal paperwork to transportation and reserving a crematorium or cemetery space. A reputable funeral director will guide you through the process and ease the financial burden.


Funeral Plans and Costs

It would help if you discussed your funeral arrangements with a funeral coordinator to help you explore all the options in person or over the phone.

Remember to ask for a written printout of the expenses to set up a budget and make necessary adjustments if the need arises.


Agree to a Payment Package

Before you sign the contract with your funeral director, you should agree on the payment plans for their funeral services. Some allow you to pay in instalments over time. So choose the one that suits your situation.


Sign the Funeral Service Contract

A funeral director will craft a contract upon agreeing to their help. Just ensure you read it keenly, ask questions where you need clarification, and then sign the contract, meaning you’ll be accountable for any services the director offers.


Payable-on-Death (POD) Savings Account

If you fear the risks of losing your money through a funeral home, it is advisable to establish a payable-on-death savings account to cater to your funeral expenses. Designate a particular beneficiary. But the account is out of probate; thus, you can change the beneficiary anytime or close anytime.


Taking a Funeral Cover

Another option is to take up a funeral cover similar to house or car insurance. You make monthly payments on a plan that pays out when you pass on. It is important to consult your funeral director to decide on funeral services. Even though there will be inflation, a huge cost will be catered as they cover the funeral costs, including full services.


Planning Effectively is a Precursor to Success

Give yourself or your loved one a beautiful funeral service by making smart financial decisions like taking a funeral pre-plan plan. Engage a funeral director to guide you through the costs to get a plan within your budget. Taking out a funeral cover or setting up a POD account is also recommendable. So, plan wisely to save your loved ones from financial pressure once you’re gone!

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