Accounting for the cost of a funeral in your estate planning

On Behalf of | Oct 25, 2022 | Estate Planning

When you first start planning your estate you may fixate on things like inheritance or probate court. Many often overlook the cost of their funeral.

Preparing for it today may help save money, save headaches for your grieving loved ones and offer you some peace of mind.

Saving money with preneed contracts

Funeral homes often offer preneed contracts to those planning for their future burial services. One of the biggest benefits of arranging for this sooner than later is that you often lock into prices that may rise due to inflation over the years. According to the National Funeral Directors Association, the national median cost of a funeral with viewing and burial rose from $7,360 to $7,848 between 2016 and 2021.

Saving headaches of your loved ones

With the cost of a Colorado funeral ranging between $5,694 and $6,888 depending on whether you opt for a cremation or burial, your family has a serious bill to pay right after your death without proper preparation. Many families resort to paying money from their inheritance or from selling your house in order to pay. Some even organize car washes to help raise funds. Having this taken care of ahead of time alleviates the need to do so.

Helping your peace of mind

Estate planning aims to help you and your family know that you have taken care of your affairs ahead of time. All of this involves paperwork and contracts designed to fulfill your wishes through your twilight years and beyond. By making sure your estate planning and documentation clearly convey these wishes, you help protect your legacy.