Estate planning is the act of preparing for the transfer of a person’s wealth and assets after his or her death. Assets, life insurance, pensions, real estate, cars, personal belongings, and debts are all part of one’s estate. The person who owns the estate must be the one to create an estate plan. Yet, even without its inclusion here, shouldn’t pre-planning my funeral be a part of my estate plan? Pre-planning a funeral is not required to have an estate plan. However, Willwerscheid Funeral Home alongside common sense, recommends including a plan for your funeral with your estate plan. There are 3 key reasons we make this recommendation.
Peace for Your Family
Most importantly, it brings a peace to the process your family goes through at the time of your death. There will be many decisions that need to be made by the survivors, however, by pre-planning your funeral you can answer many questions and continue to support and love your family from beyond.
Make Your Wishes Known
Pre-planning allows you to determine the specifics of your burial and funeral services. You can choose the funeral home you want. You can decide if you want to be buried or cremated. Also, you are able to choose who is involved with the funeral and where it will be held. Lastly, you can even get as detailed as to what food is served if you are including a funeral luncheon in your plans. Without pre-planning you have no control in the funeral process.
Take Advantage of the Pre-planning Benefits
Finally, there are financial benefits with pre-planning. When developing an estate plan you determine who will inherit what, who will be the executor of the estate or living trust. As you prepare your estate you can determine the anticipated cost of the funeral and expenses as part of your planning. You can decide if you want to prepay for your funeral or establish a funeral trust fund to pay for your expenses. Remember the average funeral costs from $6,000 to $10,000. It’s better to plan for your funeral now rather than letting your family bear the burden later.
Funeral pre-planning can be seperate from planning your estate, however, the two are intimately related. Including pre-planning at the time of estate planning just makes sense. If you would like help pre-planning your funeral Willwerscheid Funeral can help. Get our free pre-planning guide here.