When preplanning your funeral, here are several general guidelines to begin your preplanning process:
- Visit various funeral homes and interview multiple funeral directors
- Choose a funeral home and director where you think your family would be most comfortable
- Consider bringing family members with you during this selection process
- Be aware and informed of bereavement entitlements such as veterans, unions, fraternities, etc.
- Consider religious and moral convictions, and discuss them with your family
- Determine your method of disposition (burial, cemetery, entombment, cremation, etc.)
- Plan your ceremony considering things like casket viewing, religious aspects, who should be included, etc.
Buy funeral at Baldwin Brothers Funeral & Cremation Society
The FTC Funeral Rule requires funeral directors to give pricing information over the phone, as well as provide you with a readily available General Price List if you visit them in person. This FTC Funeral Rule also allows you to purchase caskets, which are the single largest funeral expense, from outside vendors without the threat of a carrying charge. For more information about The FTC Funeral Rule, you can visit www.ftc.gov
Although planning your funeral arrangements in advance may help alleviate many of the details, prepaying (also known as prearranging) for your funeral services is a way of taking care of the actual expenses.
Prepaying your funeral or cremation is one of the fastest growing, and most appreciated and accepted aspects of funeral planning. Similar to preplanning your funeral, paying your funeral expenses in advance is also becoming widely accepted by many financial professionals as a solid piece of a sound financial and estate plan.
When prepaying your funeral plan, the most common and widely used strategies are savings and life insurance, mainly because they tend to be deemed the most reliable and readily available. However, there are several other strategies to consider when prepaying your funeral costs or expenses:
Savings Although many people choose to set aside savings to pay for funeral expenses, there are several reasons this does not always end up working out as originally planned. First, the savings can be depleted based on unexpected financial circumstances, such as health or financial issues. Second, these funds are not always readily available and liquid upon death due to the challenges and restrictions often found in estate planning. Third, the funds set aside can often be insufficient due to inflation and the rising cost of funeral expenses. Finally, it should be noted that savings are included in a part of one’s estate, and, thus, the taxable consequences can often come into play.
Life Insurance Term Life Insurance is widely considered to be a flexible, simple, and affordable way to pay for your final funeral expenses. Although Term Life Insurance has a set term, or set number of years, it also has multiple uses in prepaying for your funeral. Because upon your death it becomes a liquid asset that is usually not part of your estate, it can be used for many things such as funeral, burial, cremation, liquidity, and many other things, including debts or obligations.