It may seem a bit premature to consider prepaid funeral expenses when you are relatively young and healthy. But you might be surprised at how much peace of mind having your funeral expenses out of the way can bring to you and your family. Here are a few benefits of taking care of your funeral expenses now.
Prepaid funeral expenses can save you money.
- For a traditional burial, you can purchase a plot at any time. Many cemeteries even offer very manageable payment plans. Spread out over several years, a burial plot becomes a nominal monthly expense. The prices of burial plots will only go up over time, so investing now will save money for both you and your family in the long run.
- Eco or green burials, if available in your area, are much less expensive than a traditional burial. You can purchase your burial plot and even your eco-friendly casket well in advance.
- If you plan to be cremated, paying for cremation services in advance gives you the power to ensure your wishes are honored. Cremation is often the least expensive option, and locking those expenses in now will only save you money.
Prepaid funeral expenses help your family carry out your wishes
The clearer your wishes are in advance, the less the burden is that is placed on your loved ones after you’re gone. And if the financial arrangements have already been made, that can be a tremendous benefit to those you leave behind. Considering these things now is just as reasonable as planning for retirement or saving for a college education. It’s all about forethought, and making the future easier for yourself and for those who love you. Have an open, honest conversation with your loved ones about your wishes, your budget, and what you plan to pay for in advance. This will provide peace of mind to both you and your family.
Consider setting up a Totten Trust with your bank
A Totten Trust is a convenient way to prepay end-of-life expenses. It is a simple bank account that allows you to keep all of the accrued interest. You can draw the money out with no penalties, and on the event of your death, your family will control all of the funds. Talk to you bank or your attorney about setting one up.
Prepay with Your Funeral Home
You can prepay for funeral expenses with your chosen funeral home. If you end up relocating, this cost is transferable. Considering that the cost of funerals increases every year, prepaying will actually save your family money.
Contact Tharp Funeral Home today to talk with an expert about compassionate and proactive planning for the future.