Thinking about your own funeral may feel odd or morbid, but in reality some planning now can save your family financial hardship while they are mourning your loss. An easy thing to do is financially plan for your funeral while making other financial arrangements, such as purchasing life insurance, establishing a trust, writing a will, or creating a power of attorney document. There are several ways to plan for your funeral expenses, such as:
Life Insurance Policy Designed for Funeral Expenses
In addition to any regular insurance policies that you may hold, you may also opt to purchase a policy that is specifically designed to be used to pay for funeral expenses. Upon your death, the policy will pay out to the designated beneficiary and he or she can use the funds to pay the funeral home and cover any other expenses that are associated with your funeral.
Set Up an Account with Your Preferred Funeral Home
If there is a funeral home in your area that you are familiar with, and you know that you would like them to take care of your funeral and final arrangements, you may be able to set up an account now to go towards paying future funeral expenses. Many funeral homes now offer this option for people who want to fund their funeral in advance, and if you like you may also work with the funeral home to plan your funeral and choose the casket or urn that you prefer.
Establish a Savings Account at Your Bank
If you want to slowly fund your funeral over the years, feel free to open a savings account at your bank to deposit funds to. Make sure that whoever you have named to be executor of your estate is aware of the account, has the account number, and is named on the account so he or she can access the funds when it is time to pay for your funeral.
Purchase Your Burial Plot in Advance
If you would like to be buried, find your burial plot and pay for it in advance. In addition to saving you family members and loved ones the cost, you will also have the opportunity to choose a beautiful location for your final resting place. You and your spouse may want to do this together so you can have burial plots next to each other. After purchasing your plot, keep the paperwork with your will or trust documents so the person planning your funeral will know where the burial will be.