When sitting down for estate planning, there are a few obvious talking points: wills, trusts and long-term care arrangements. Most of these logistics focus on making sure the property you earned during your life goes to the people who you want to pass it to after your death. Details like long-term arrangements help you with comfort and care if your faculties begin to slip.
It is all in service of getting things out of the way before you or your family needs to tackle them. One expenditure to pay for in advance includes your funeral. While your family grieves their loss, having one less cost to worry about may help ease the emotional and financial stress.
The median cost of a funeral
According to the National Funeral Directors Association, the national median cost of an adult’s funeral — combined with viewing and chosen form of disposing of remains — ranges between $6,970 and $7,848.
These costs assume a number of services including embalmings, the use of facilities and staff and other service fees. Depending on the funeral home, embalming may be an optional cost. Depending on the cemetery, a burial service may require a vault which raises costs by another $2,000.
Methods of paying for a funeral
When you plan for these costs, there are a number of ways to arrange for them including funeral trusts and preneed contracts. Each has its pros and cons and it is important to communicate with your family about your choices. With the right resources and information, you may alleviate some of your family’s stress by detailing your wishes and establishing a fund to help pay for your funeral services.