Benefits of Prepaid Funeral Plans

Most people are reluctant to think about their death. It is not surprising, then, that many people don’t plan for their funerals. Death is inevitable, though, and funerals can be expensive. As such, it is smart for people to consider purchasing prepaid funeral plans to alleviate the burden of paying for their funeral from their loved ones. If you are interested in hearing more about the benefits of prepaid funeral plans, you should contact a capable Fresno estate planning lawyer today.

Why You Should Consider a Prepaid Funeral Plan

There are many benefits to prepaid funeral plans. First, they allow you to ensure that your final wishes are upheld. This can include details such as the funeral home you want to handle your services, what services you would like to have, and whether you would like to be buried or cremated. This not only helps to avoid disagreements among family members but also lets you control how your funeral is carried out. Prepaid funeral plans also take away the financial burden of laying you to rest from your family, allowing them to focus on grieving and healing. Paying for your funeral ahead of time may also protect you from inflation and rising costs, as you often can lock in prices on certain things.

Options for Obtaining a Prepaid Funeral Plan

A prepaid funeral plan, essentially, sets aside money for your funeral or makes payments to a funeral home in advance of your death. Parties can either work directly with a funeral home or purchase a prepaid funeral plan through a third-party. There are several different options people can use to fund such plans. For example, you can purchase whole life insurance policies in which the pay out is used to pay for their funeral arrangements. You can also purchase burial insurance, which typically covers the costs of all funeral-related expenses.

 

You can also use a revocable or irrevocable trust to fund your prepaid funeral plan. In both instances, you would sign a contract and pay for your funeral over time. The payments you make are then deposited into an account that bears interest. After you die, the funds from the account are used to pay for your funeral. The trusts differ in that, as the name suggests, irrevocable trusts are permanent, and only the person designated as the beneficiary can make any changes to the terms of the trust. Revocable trusts provide more flexibility, as they allow you to add or remove beneficiaries and change the terms of the trust, giving you more control over your assets.

 

 

Confer with a Trusted Estate Planning Attorney About Your Options

 

Currently, the average cost of a funeral in the United States stands at approximately $10,000, a figure that is expected to rise in the future. Given this, opting for a prepaid funeral plan can be a wise decision. Prepaid funeral plans not only lock in current prices but also relieve your loved ones of the financial and emotional burden of arranging a funeral during a time of loss. To explore how prepaid funeral planning can benefit you and your family, consider consulting with a trusted estate planning attorney in Fresno. Contact The Petty Law Firm today at 559-374-2223 or complete our online form. We look forward to scheduling your appointment and assisting you with thoughtful pre-planning solutions.