Yahoo Life’s recent article entitled “Should You Pre-Pay for Your Own Funeral as Part of Estate Planning?” says there are major benefits to pre-planning and even pre-paying for a funeral now—no matter what your age or health status.
A major benefit to pre-planning and pre-paying is the emotional support and relief they offer family members and friends.
Maggie McMillan, vice president of the Los Angeles-based Wiefels Group and All Caring Solutions Cremation and Funeral Services, explains that “if and when the unexpected happens, you want everyone to already know what your wishes are, because that will make it easier when hard emotions inevitably come up after you are gone.”
Knowing that your family is prepared and taken care of with prepayment can also help alleviate your own stress and better your mental health.
Another plus of pre-paying for your funeral is that, depending on what method of pre-payment you get, you can often lock in a price guarantee on services and merchandise based on current pricing on the day that you plan. This can protect your family from industry inflation and price fluctuation. Funeral costs double every decade, on average. Therefore, if you’re looking at pre-paying for a service that costs $3,000 today but didn’t pre-pay and pass away 10 years later, your fees might be upwards of $6,000 for the exact same service.
Pre-planning and pre-paying for burial and funeral expenses is also a strategy often used with Nursing Home Medicaid and VA Pension planning. Most people who need long-term nursing home care will ultimately rely on Medicaid to cover the cost. An experienced Elder Law Attorney can help ensure these arrangements are made without jeopardizing your qualification for these programs.
For some people, all aspects of pre-planning and paying may not seem the right option. For instance, a plan that isn’t transferable to different states doesn’t make sense for individuals who move around frequently. In that case, talking to loved ones about what your final wishes are (including where you’d like to end up, and the disposition method) would be a relief for them.
Contact our office today to see how pre-planning fits in with your estate plan.
Reference: Yahoo Life (Feb. 17, 2022) “Should You Pre-Pay for Your Own Funeral as Part of Estate Planning?”
Photo by The Good Funeral Guide on Unsplash