The cost associated with death is not just emotional – it can be a huge financial burden, too. Though it may not be somethingthat many people are comfortable thinking about, it is never too soon to make alterations to a financial plan to take into account how expensive a funeral can be. Between body preparation, obtaining a casket and buying land for the final resting place, there are a number of conditions that people will need to prepare for.
According to Smart Money, the average cost of a funeral was almost $6,200 in 2006, up from nearly $5,200 in 2000. Prices today, accounting for inflation and financial hardship, are likely to be much higher. That means that individuals need to put money aside now to handle their end of life expenses.
Unlike other investing strategies, opening an account at a local bank may not be enough. Meeting with someone for professional financial investment advice can help people locate the right financial instruments to assist in obtaining life or funeral insurance, setting up a will and planning for the final event in every person’s life. These documents should include a preferred funeral home and resting spot, as well as potentialdown payments on each of these resources, but Smart Money wrote it’s unwise to prepay for these services, as prices and terms can change.
Keeping down the costs
Funeral homes are also required to supply families of the deceased with an itemized list of expenses, Scoop San Diego wrote, so that the bereaved can examine charges for themselves and pick the services they want rendered. Looking into the financial plan for covering these costs before going ahead with the event may be emotionally taxing, but it’s essential in avoiding future heartaches due to monetary problems.
The source wrote it’s also important to pursue other funding options available to some seniors and other persons depending on their life’s activities. Those who served in the armed forces may be eligible for burial in a federally-owned cemetery with a grave marker provided. Some public servants are allowed the same privilege. It’s also completely optional to hold a wake before cremation or burial, Scoop reminded, so if it makes more sense to proceed directly to the final step from a money standpoint, this is always an option.