Benefits of Prepaid Funeral Plans
Many people understandably don’t like thinking about a time that they would no longer be here with their friends or family. The reality is, however, when you take the time to plan the details of your funeral financially, you are taking a tremendous burden off of your loved ones who may be caught up in grief during this time. If you want to take steps to make things easier for your family when you pass away both financially and emotionally, the best thing that you can do is ensure that your estate plan is up to date and also invest in a prepaid funeral plan.
What is a Prepaid Funeral Plan?
It should come as no surprise that the cost of a funeral continues to go up as time goes by. Even a basic funeral is something that could potentially cost thousands of dollars. Are your family members in a financial position to be able to pay this amount? In most cases, the answer is no. A prepaid funeral plan allow you to coordinate with a funeral home of your children and set money aside for your funeral during your lifetime. Therefore, when the time comes, your family does not have to worry about covering the cost of this expense.
Advantages of Using a Prepaid Funeral Plan
There are several benefits of utilizing a prepaid funeral plan as part of your overall estate planning. Here are some examples of those advantages:
• Gives your family time to grieve
Imagine trying to grapple with the realization that a loved one has passed away as well as the added stress of recognizing that no one can pay for their funeral. Unfortunately, this is what a lot of families face every day. A prepaid funeral plan will allow your family the time that they need to grieve without the financial stress of paying for a funeral.
• You can make your own plans
Do you have a certain vision for what you would like in your funeral? A prepaid funeral plan allows you to make all of these provisions ahead of time. Although each funeral home may be slightly different in the way that they approach these details, you have the confidence of knowing that your service will take place according to your wishes.
• No health checks
There are many people who make the mistake of lumping a funeral plan into the same process as a person would need to go through to get health insurance. However, a funeral plan is completely different. It doesn’t matter what type of health you’re in. In fact, if you’re unable to make it to the funeral home to make these plans, your power of attorney may be able to take care of these details for you to ensure that everything is in place when the time comes.
• You can secure a final resting place
One of the leading reasons why so many people opt to invest in a prepaid funeral plan is to ensure that they have their choice of final resting places when they pass away. Making these considerations now will take the guesswork out of these details later.
Learn More About Prepaid Funeral Plans and Ensure Your Estate Plan is Up to Date
Do you have more questions about a prepaid funeral plan? Perhaps you’re concerned that your estate plan is not up to date? If so, we encourage you to get in touch with our office today. We have a wide range of experience helping clients who need to make important decisions regarding how they want to leave their estate and also planning to make things easier for their loved ones left behind.