Funeral Expenses And Avoiding Money Worries
Posted on: 24 February 2015
No one wants to be worrying about money while they are grieving for a lost loved one – just as no one wants the family they leave behind to be left with burdensome funeral expenses. When someone dies, it can be tempting for survivors to want to show their love with an expensive memorial. But what is meaningful does not necessarily have to be expensive.
Focus On The Informal
Beyond the funeral service and burial, remember that a wake or dinner can be a hugely meaningful event after a death. Gathering with family and friends to remember the deceased is emotional and important, and it gives people the chance to contribute to the memorial in their own way as well, whether that's by reading poetry, preparing a favorite meal for guests, or sharing their reminiscences.
Cooking the large meal together with relatives, going through photograph albums, and giving people a time and place to present stories are all relatively inexpensive ways to memorialize a loved one, yet they are also the sorts of memories that will last for a very long time.
Prepay To Help Planning
To avoid suddenly needing to pay for a funeral, some people prepay for their funeral expenses. This allows for funeral planning at a less stressful and emotional time, which may help you make better decisions.
If you do choose to prepay, make sure that you have a good contract with the funeral home. Pay attention to whether costs are locked in, whether the services will be completely covered, and what will happen if the funeral home is bought by another company.
Don't Rely On Insurance And Death Benefits
It's easy to think of life insurance payouts and Social Security death benefits as extra money, and since they are paid out when someone dies, what could make more sense than spending them on the funeral? But this should be a last resort; the money is supposed to be a windfall for future emergencies and a support over time.
The Social Security death benefit is very small – $255 – which is not really enough to help much with burial. If you have a particularly large life insurance payout, then of course you can use some of it for the funeral. But be sure to put some of it into your savings as well.
Be Open With Your Funeral Director
The costs of funerals vary wildly. From cremation to simple coffins to expensive caskets, from plain to elaborate services, your funeral director should be able to offer you many options. If you are honest with them about what you can afford to spend, they can be an invaluable resource in planning a beautiful funeral.
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