The Benefits of Pre-Planning Your Funeral
This article, written by the Financial Doctor, outlines some tips and good reasons for pre-planning your funeral. Visit the financial doctor's full website for more financial tips.
Planning for the inevitable
As a financial planner, my whole business is about planning for the financial needs of my clients. This most often includes planning for positive life events like:
- Retirement
- Kids Education Planning
- saving for a house or other major goal.
And it also includes planning for contingencies such as:
- Having cash reserves in case of an emergency or opportunities
- Having adequate life insurance in case of premature death
- Having Disability, Critical Illness or Long Term Care Insurance in case of illness or injury
But there is one area that most people neglect to plan - and that is for their own funeral. No one likes to think of their own mortality and the fact that some day we will all pass on from this world. So planning for and even paying in advance for your funeral only makes GOOD Financial Sense.
When should you plan for your funeral?
I really don’t think it is ever too early to plan your funeral. Pre-paying for it many years in advance can also be a very smart financial decision, given the eroding power of inflation over long periods of time.
Also by doing this now, you will be able to calmly make decisions about your own arrangements. You can determine what you need and want to happen and how you wish to be remembered.
This one decision can spare your family the angst of having to make a whole bunch of decisions about what they think you might have wanted, at a time when they are going through extreme emotional stress.
The six most common reasons to pre-plan your funeral
1. It makes your wishes clearly known, so that there will be no guessing on the part of your family.
2. It reduces stress on your family and friends at a highly emotional time.
3. It could save you a significant amount of money, allowing for a larger estate.
4. It guarantees that your family will never have to pay more for your funeral.
5. It shows you care about those that you leave behind.
6. It relieves your family of any potential financial burden.
The Bottom Line
None of us likes to consider our own death. But let’s face it, just like taxes none of us can avoid it! By taking the time now to pre-plan you can not only save money, but you will be giving a gift of peace of mind to your family and loved ones at a time when they most need it.