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Consider how to pay for your funeral during estate planning

On Behalf of | Dec 9, 2022 | Estate Planning

When you start your estate planning, there are probably things on your mind like who inherits your estate or what powers of attorney need establishing. Depending on your situation, there may be pieces of tangible property to identify like your house as well as intangible intellectual property you created over your life.

One aspect that is easy to overlook is the cost of your funeral. However, paying for it in advance may help your grieving loved ones handle your death more easily. As FuneralWise.com details, there are different methods to arrange these payments and one may work better for you than another.

Funeral trusts

If you already know where you want your burial, you may enter into a contract with the funeral home or cemetery in question. These are often irrevocable trusts where the money goes to the funeral home upon your death.

Burial insurance

Many life insurance policies may offer alternative spending to account for funeral expenses. Other companies offer insurance specifically for your funeral.

Payment on death accounts

Payment on death accounts are accounts with your bank where you name a beneficiary for the amount within. You may access this money since it is often a revocable account, but it also may help avoid probate.

One thing in common with all of these methods is that each requires a contract designed to fulfill your wishes. It is important to have a will, trust or other agreement that specifies what you need in a clear fashion. Please contact our law firm for more information and guidance on how best to communicate your estate planning wishes.