If you have reached a point in your life where you worry about what will happen when you pass away, you may be in the midst of making your final plans. As part of these plans, you may be working out the details of your funeral but are worried about the toll it will take on your family members.
While you are making your final arrangements, you may want to consider prepaying your funeral expenses. There are a couple of benefits of doing so, both for yourself and your loved ones.
1. Removes the Responsibility and Stress From Your Loved Ones From Having to Make the Arrangements While Grieving
One benefit of prepaying your funeral while you are making your own arrangements is that it removes that responsibility from your loved ones. While they are grieving, having to make the plans can be an emotional and stressful time.
When added to the stress of losing you, the cost of the funeral can become overwhelming for your family members. However, if you go ahead and work out the details of your funeral and make arrangements to pay for it before you pass away, your loved ones can focus on grieving your passing and celebrating your life without the extra burden.
2. Allows You to Lock in the Price of Your Funeral Plans Without Worrying About Future Price Increases
Another benefit of making prepaid funeral arrangements for yourself is that it allows you to lock in the price of your funeral. Even if you make the arrangements beforehand, if you do not pay for them before you pass, the rates for such things as the service, coffin, and tombstone could go up, and this financial burden would be placed on your family.
However, if you go ahead and pay for your funeral either in a lump sum, a payment plan, or funeral bonds, the price will be locked in no matter how much prices may increase in the future.
Along with helping out your grieving family and allowing you to lock in the price of your funeral without having to worry about future price increases, prepaying your funeral will also not be included on the asset test. This means that you can go ahead and make your final arrangements without it affecting your pension or retirement benefits. If you would like to learn more, contact a funeral home in your area that offers prepaid funeral arrangements.