Losing a loved one is never easy. To make matters worse, it’s difficult to make major financial decisions when you’re feeling overwhelmed and heartbroken. Funerals can be a significant expense. The average cost is about $10,000 according to the funeral-pricing site Parting.com. Thankfully, understanding the different expenses, knowing your options and planning ahead can help ease both the emotional and financial burden of funeral planning.
“In the best of all worlds, you or a loved one will have included funeral arrangement wishes in your estate planning,” said Carrie Schwab-Pomerantz, senior vice president at Charles Schwab. “That can save a lot of guessing, and money, for the people you leave behind.”
She recommends putting your preferences in writing and giving copies to family. Since the will is often not found or read until after the funeral, putting these preferences or instructions in your will is not advisable.
Tips to Ease Financial Burden of Funeral Planning
According to the Federal Trade Commission (FTC), the federal funeral rule allows funeral providers to charge a basic services fee that customers have to pay. The basic services fee includes services that are common to all funerals, regardless of the specific arrangement. These include funeral planning, securing the necessary permits and copies of death certificates, preparing the notices, sheltering the remains, and coordinating the arrangements with the cemetery, crematory or other third parties.
If budget is a concern, understand that you’re not legally required to purchase optional goods or services from your funeral provider. There are other businesses that may offer a lower price for things such as transportation, flowers, caskets, urns, facilities for memorial services, and more.
The FTC has an online guide that can help you plan manage your funeral planning and budget. www.consumer.ftc.gov/articles/0301-funeral-costs-and-pricing-checklist.