• 07
  • September
    2011

Unfortunately, for some people the idea of planning their own funerals can seem a little macabre. The truth is that this type of foresight can be a real kindness to your family. Not only will they be spared the burden of dealing with funeral details in a time of grief, they will also be protected from the unexpected expense. Funeral planning can be an important part of estate planning for many people.

Many thoughtful people at least provide their loved ones with general information about what kind of funeral they want, such as designating a church and/or funeral home, or choosing the readings and music. This type of planning can be a comfort for your family when the time comes, and many people find it sufficient to ensure they are remembered as they would wish to be.

Fewer people go a step further to make concrete arrangements with a funeral home or mortuary. While making an appointment at the funeral home generally isn't at the top of your to-do list, the advantages of formal pre-planning for your funeral are numerous -- and they include both the emotional and financial.

In the days after the death of a loved one, family members often feel paralyzed by the multitude of options to choose from and all the details to be attended to. Worse, the family can feel pressured to buy unnecessary or over-budget products and services. A crisis is never the best time to make decisions, and your advance planning can keep your family from having to go through that.

By pre-planning your funeral, you have the opportunity to shop around. With clarity of mind, you may choose an option that your loved ones might not consider -- and you won't risk that they will be pressured into spending too much as a tribute to you. Also, by paying in advance you may pay less for the same services. Plus, you can often pay over time, which is more affordable for you while saving your loved ones a financial shock.

The money for your pre-planned funeral can be placed in a trust as part of your estate plan. Some mortuaries and funeral homes also offer trust services.

We save for college, we plan for retirement, why not plan for our passing? Like many estate planning tools, funeral planning can take emotional and financial pressure off our loved ones while ensuring that everything is done just as you would wish.

Source: Reuters Money, "Funeral planning: How to avoid paying beyond the grave," Aug. 29, 2011