Consider the costs of your funeral and how to pay them in advance

On Behalf of | Sep 9, 2022 | blog, Estate Planning | 0 comments

While death is an inevitability we must all plan for, the costs of the funeral industry shift with every passing year. Handling those costs ahead of time helps to save your loved ones a lot of hardship when dealing with the heartache of their grieving.

When you sit down to plan your estate, there are options available to learn about the funeral industry and its usual costs while also tackling ways to pay for them in advance.

The changing costs of the funeral industry

As the National Funeral Directors Association details, there have been increases in the price of burial services ranging from 3% to 14% between 2016 and 2021. These services include the removal and transfer of bodily remains, embalming and prep-work and other materials for the service itself.

A major difference between the cost of your funeral depends on whether you choose cremation or burial. Median burial services in the East South Central region of the United States hovers around $7,200 while cremation costs around $6,300. This does not include the price of a burial vault if the cemetery requires it.

Paying the costs now

During your estate planning, there are options like preneed contracts and funeral trusts to help you with advanced payment. When you arrange for a preneed contract with a funeral home, you not only secure peace of mind for your family — you also agree to current costs rather than future costs.

All of these options involve contracts. It is important to lean on your resources to make sure that anything you sign adequately conveys your estate plan wishes.