Why a Death Plan Needs to Be Part of Your Financial Planning

Pin It

retirementWhen we think of financial planning, we often picture major life events like buying a house, having children, or how we’d like to spend the sunny days of our retirement. We don’t, however, typically imagine our own deaths. The stark reality is that death is just as important as any other major life event, arguably the most important, and we ought to plan for it the way we do for any other occasion.

Some people are of the attitude that decisions about their deaths and what happens afterwards don’t matter simply because they won’t be around to care. But things aren’t so simple. If you have children or relatives you care about, it’s in your best interest to consider how not planning for your own death affects them in the long run. Imagine your family members fighting bitterly about whether you should be buried or cremated, or whether your ashes should be scattered or divvied up among your closest relatives.

There are many cases where an individual has not left a Last Will & Testament and/or has not created a death plan, and the surviving family must retain legal services to settle the disputes that inevitably arise. These are often frustrating and emotionally distressing circumstances for those involved. The biggest stress comes from not knowing what the deceased would have wanted and also from worries about how to pay for necessary funeral or cremation services.

Planning Ahead

When you plan your final services ahead of time and set aside the appropriate funds, it provides a huge relief to your surviving family members. Smart Cremation offers preplanning services that give you and your family enough time to make the right decisions about your cremation plan.

Financial Planning for Cremation

Don’t create a financial burden on your family members when you die. Instead, take care of the finances for your cremation plan ahead of time, and give your surviving family members the gift of a debt-free life. There are a couple of ways to prepay for cremation services.

The first is to sign up for a death insurance plan with your insurance provider. You can talk to a Smart Family Arranger at Smart Cremation, to create your cremation plan, and once you’ve settled on the total cost find an insurance plan that meets your needs.

The second is to create a trust fund to cover the expenses of your cremation. The funds become available once your cremation service is necessary. A qualified estate planning attorney can help you set this up and also help you draft a Last Will & Testament.

Saving for the Future

When you choose to preplan and prepay for cremation, you lock in current prices before they inevitably increase in the future, allowing you and your family to save more money. Also, selecting the services you want and letting your family know your wishes saves them both the stress of planning for you and the money that would have been spent on costly services you may not have wanted. Saving more on your cremation now means you can pass on a bigger inheritance to your family, a parting gift that means a lot to your family members.

 

Leave a Reply

*