How To Find The Best Burial Insurance Policy

Finding a Burial Insurance Policy

Sadly, the world we live in today has many seniors who are without the means to ensure their final expenses are all taken care of financially. Losing a loved one is one of the most difficult and emotionally stressful things anyone can endure. This incredibly challenging time is only further complicated when a family must scramble to come up with money they flat out don’t have. Additionally, funerals are extremely expensive, the overwhelming majority of people simply don’t have $10,000-$15,000 just laying around.

No family wants to see their loved one sit in a morgue or go without a proper service to commemorate their departed. As a result, families will often take on debt or employ other creative means to gather the necessary funds to pay for the funeral.

This situation has created high levels of demand for what are called burial insurance policies. Interestingly, burial insurance is not an official type of life insurance. It’s more of a marketing term. In fact, you will often hear burial insurance be frequently referred to as “funeral insurance” and “final expense insurance”. At the end of the day, they are simplified issue whole life insurance policies. They won’t ever expire, the price per month never increases, and the benefits never decease.

These burial insurance plans offer instant peace of mind to those who are eager to ensure they don’t leave their family with the burden of their unpaid funeral costs. If you are approved for immediate protection (most are), your policy will fully pay out even if you have only had it for one day.

If you are one such person who is searching for peace of mind, burial insurance is the product for you. With that, the question you must be asking yourself now is: How do I find the best burial insurance policy for me? Well, this article will show you just how to do that.

The Impact of an Independent Final Expense Agency

You might think this task will require dozens of phone calls, and endless amounts of research. In fact, nothing could be further from the truth. In reality, you alone are not able to find all the various burial insurance companies that offer these plans, and consequently diagnose which one is best for you.

Here’s the bottom line.

You need to lean on an expert that will find you the best policy possible. With that, the only “work” you need to do is whatever it takes to find the expert needed to complete the task. Think of going to the dentist. You rely on their expertise to fix your teeth because they are experts at it. Not to mention, working on your own teeth sounds like a very bad idea that likely won’t end well. In short, here is what you need to look for:

Above all else, finding a properly equipped and highly experienced independent burial insurance agency is the single greatest action you can take to ensure you secure the best burial insurance plan.

You might be wondering, what do you mean by “properly equipped”?

That simply means the agency must have access to multiple insurance companies. Only independent life insurance agencies can freely represent lots of different insurance companies. The whole idea behind an independent broker is their ability to impartially shop and compare rates from all the various companies they represent. Every smart consumer today realizes the need to shop around to get the best deal. Well, in essence, working with an independent broker is shopping around (only they do it for you).

It gets even better.

Working with an agency like this won’t cost you any money, and the insurance will cost the same as if you went directly to the insurer. Talk about value. When it’s all said and done, it’s just like having a personal burial insurance shopper on your side. They do all the work, but you are the one who walks away with a burial insurance plan at the lowest cost possible.

Experience is Critical

At first, you may think it’s obvious to select a broker that is experienced. While experience is usually a very good thing in business, it’s especially true when it comes to burial insurance. The thing is; all these insurance companies have vastly different underwriting. They all accept and reject different health conditions. At the end of the day, which funeral insurance company looks at your particular health profile most favorably will likely be the company that will offer you the best plan on the market.

Now,

This is where the experience becomes so paramount. Only after years of helping people acquire final expense insurance, can an agency finally become fully aware of how each insurer responds to health issues. That knowledge is key. It’s what allows the agency to recommend the proper burial insurance company after learning about your health issues, if any. Without a thorough understanding of underwriting for each carrier, it would be a guessing game. That  wouldn’t end well for you.

It’s no secret that when companies compete for your business, you, the consumer, win. This is why working with an independent agency is so effective. The put the free market to work for you. We highly recommend Choice Mutual as a great burial insurance agency to work with. They are a very well respected nationwide agency that can surely help you if you need a plan. However, as long as you find an agency with attributes like we suggest, you will be in good hands.

How Much Money Do You Need For Your Funeral?

You must figure out what kind of a funeral service you would like, so you can determine how much coverage you need. Decide whether or not you want to be cremated or buried. Decide what kind of a service you want. Figuring out these things will help you determine how much burial insurance coverage is required, so you’ll know you have enough coverage to pay for everything. Remember, the goal is to ensure your loved ones don’t have to come out of their own pockets for your final expenses.

  • A traditional burial funeral today can cost anywhere from $7,000-$15,000.
  • A cremation funeral today can cost anywhere from $1,000-$8,000.

In addition to these numbers, you should also factor in inflation. Presently, the funeral industry experiences a rate of inflation of about 5%. Basically, this will mean that funeral costs will double 20 years from now. An experienced final expense agency should be able to help you factor in inflation.

In the end, you basically choose between buying enough coverage for today’s costs or buying enough for the future cost. If you can’t afford to buy enough protection that factors in inflation, just buy what you can today. You can always add more coverage in the future.

Mind Your Budget

Burial insurance is no different than any other kind of funeral insurance in that you are only protected as long as you make your premium payments. The moment you stop paying your car insurance, home insurance, or health insurance,  your protection ends. The same is true for final expense life insurance.

Before you sign up for your policy, you must ask yourself the following question:

“Can I afford this payment every single month for all 12 months of the year regardless of what happens in my life?”

If you can’t say yes to the question, you should not be enrolling in the plan you are considering. It’s critically important you choose a benefit amount that has a monthly payment that is ultra comfortable in your monthly budget.

If you your budget is such that you can’t afford as much coverage as you would like, do not let it throw you off. Don’t get caught up in the fact that you simply can’t afford the coverage you want. Many American’s would love to drive a Lamborghini. The problem is affording a Lamborghini is not realistic. As a result, most people drive Fords, Chevy’s and Honda’s because that’s what they can afford. They definitely don’t choose to go without a car simply because they can’t afford the care they really want.

Buy what you can afford because your family will greatly appreciate what contribution you have made. Not to mention, you can always add more coverage in the future too if you budget changes.

Final Thoughts

Finding the best burial insurance plan isn’t rocket science. As you can see, it’s actually quite simple. If you follow this advice, you put yourself in position to get a really good policy that has a very competitive price. In addition, you will very likely receive an immediate benefit.

There are many providers of final expense out there, but they are not all created equal. Make sure you qualify the agency up front before you decide to do business with them. You can check the BBB, or your state department of insurance to verify they are licensed and appointed with multiple carriers. Once you have found a qualified agency, put your plan in place as soon as possible, and make sure it’s completely comfortable with your budget.

Your family will one day appreciate what you are doing right now. When they receive that check which will pay for the funeral, a massive weight will be lifted off their shoulders. They will be able to peacefully mourn your parting without any added stress.

By |October 7th, 2016|Categories: Blog, burial insurance, Burial Insurance Policy, funeral insurance|Tags: , , , , |Comments Off on How To Find The Best Burial Insurance Policy

Final Expense Insurance

Final Expense Insurance

Is it Ever too Late to Insure for Final Expenses?

You’ll be happy to know that it’s never too late to insure for final expenses; however, it’s not the type of purchase you make every day, so it’s always best to consult with a knowledgeable professional who can guide you towards the best choice for your circumstances. By its very definition, insurance is an agreement where someone pays a premium in exchange for a guarantee of compensation at an unknown future time of loss, like death.

With regard to purchasing insurance for final expenses, the general rule of thumb is to buy it when you are young and healthy. There is good reason for that.  Nearly all life insurance and final expense polices require some degree of underwriting. Generally, rates are based upon age and health, so older individuals will almost assuredly pay higher premiums.

What is Final Expense Insurance?

Final expense insurance policies are not one-size-fits-all. Here’s a quick preview of a few different types of policies:

  • Preneed Funeral Insurance – a policy, linked to a specific funeral service provider, that is in effect for your entire life once premiums are paid in full.
  • Final Expense Insurance – a policy that isn’t linked to a funeral service provider and can be either term or permanent insurance.
  • Burial Insurance – usually a term life insurance policy for a specified amount that is payable upon death to a named beneficiary.

Funerals are Expensive – and Prices Will Only Grow Higher

Few things are certain when planning for end-of-life expenses. However, one thing that is certain is that funeral expenses are increasing. According to the National Funeral Directors Association, the cost of a funeral with burial has risen 28.6% over the last decade. Considering  current funeral costs of about $10,000 and future rising costs due to inflation, you’ll want to consider purchasing a policy sooner rather than later. As with any type of insurance, there comes a point where the cost of insurance surpasses the benefit that it provides. That’s the point where wise consumers choose to self-insure from their personal savings or other assets.

What is the Best First Step?

How do you decide which plan to purchase or if it makes sense to buy one at all? This is the time that it makes sense to consult with a funeral insurance professional that specializes in final expense planning—one who can review your individual needs, present you with sensible options, and guide you towards the best decision for your family. The best time to make insurance decisions is when you are calm and clear-headed. Give yourself peace of mind in knowing that you already have a plan for final expenses, so that you can focus on more important things at a future time that is sure to be wrought with emotion.

Death and Burial Rituals

Burial Rituals

Death and Burial Rituals

The Business of Death

Around the world, every day, every hour, every second, medical treatment is unable to prevent death. When doctors, nurses and hospitals can do no more for a patient, another industry steps in.

World population Estimate – 7,142,797,806

There are bodies everywhere.

World Death Rate: 8 deaths/1,000 population 55.3 million people die each year 151,600 people die each day 6316 people die each hour 105 people die each minute ~2 people die each second

Burial Rituals:

Traditional Western Customs:

The two most common methods for the disposal of corpses are:

Cremations (Burning the body) or
• Interment (Burying the body)

Today, the average North American traditional funeral costs between $7,000 and $10,000.

• Fee for the funeral director’s services: $1,500
• Cost for caskets: $2,300
• Embalming: $500
• Cost for using the funeral home for the actual funeral service: $500
• Cost of a grave site: $1,000
• Cost to dig the grave: $600
• Cost of a grave liners or outer burial vaults: $1,000
• Cost of monuments: $1,500

Islamic Customs:

• Muslims try to bury their dead ASAP.
• Family or community members wash and shroud the body in scented water and clean white cloth.
• The body is positioned so that the head is facing Mecca. The average adult Islamic funeral, before the cost of burial, was $6,550 in 2009, according to the National Funeral Directors Association.

Tibetan Buddhist Sky Burial:

• The traditional Tibetan Sky Burial involves a corpse being dismembered by trained professionals and left outside (in one of the 1075 sky burial sites) for animals to feast upon. Today, 80% of Tibetans choose to have Sky Burials.

Green Burials in the U.S.:

• Going “Green?” People are forgoing traditional methods for environmentally friendly burials.
• Why expose the Earth to unnecessary embalming chemicals or steel caskets.
• Opts for biodegradable caskets or having your remains turned into an artificial reef? Factoid: Americans currently bury around one million tons of steel caskets each year.

Ngaben:

• Balinese cremation ceremony is performed to send the dead onto their next life, and is considered a sacred duty.
• The dead are placed inside a coffin, which is then placed inside a structure resembling a buffalo or temple.
• The structure is carried to the cremation site and set aflame. In group ceremonies upwards of 60 people’s remains were cremated at one time.

Ghana’s Elaborate Custom Coffins:

• In Ghana it is popular to bury loved ones in coffins that represent certain aspects of them, generally either an occupation, or something they loved.
• For example, a farmer might be buried in a coffin that was built to resemble an ear of corn, or a businessman could be buried in a coffin resembling a plane.

Famadihana – The Turning of the Bones:

• The Malagasy people of Madagascar have a famous ritual in which every five to seven years, the family has a celebration at its ancestral crypt.
• The cloth-wrapped bodies of the deceased are exhumed and sprayed with wine or perfume, before being brought out for family members to dance with while a live band plays.

Space Burial:

• Money can buy you anything, even a burial in space.
• The first of these burials took place in 1997 and contained ashes of 22 people (including Timothy Leary and Gene Roddenberry).
• Cost, depending on how far you want your ashes to go, $1,000 – $12,000.

No Longer Practiced

Sokushinbutsu:

• Originating over 1000 years ago, Sokushinbutsu was practiced by a sect of Buddhist monks, and resulted in self-mummification.
• Process that involved eating nuts, bark, and drinking poisonous tea, and took over 3000 days to complete.
• Though hundreds of monks tried, only 16 – 24 were successful.
• Sokushinbutsu is now illegal in Japan.

Hanging Caskets:

• Though now a long lost civilization, The Bo people of the Hemp Pond Valley in Southwest China’s Gongxian County, would use two wooden poles inserted into the rock to suspend caskets containing the dead on high cliff faces.
• Over 160 coffins were placed along the cliffs and natural caves. Today locals refer to the Bo as the “Sons of the Cliffs”.

Sati:

• Now banned in India, Sati was the practice of recently widowed women throwing themselves on the funeral pyres of their husband’s bodies.

Contributed by “The Business of Death

Protect Your Family Against Grave Robbers

Grave Robbers

Protect Your Family Against Grave Robbers

It’s no surprise that identity thieves are running rampant, however it’s a shocking fact that these scammers are using the personal information and vital statistics of more than 2,000 deceased people every day. An ID Analytics study recently revealed that the misuse of social security numbers belonging to the deceased occurs more than 1.5 million times every year. Are the identities of your deceased loved ones protected from these identity thieves?

Protect Identity Today

In the same way people provide protection for their families using funeral insurance to cover funeral costs and burial expenses and replace lost income after a death, many people today are also taking additional steps to ensure their loved ones left behind aren’t abused by scam artists.

Be proactive to protect your family. Take the proper steps to provide protection against identity theft while you are alive. Enroll in a service like LifeLock.com to monitor credit reports and inquiries, applications for utility and wireless service, and many other aspects of personal information to reduce the risk of exposure. Monitor your online bank activities, guard your social security number and private information, and keep your digital devices protected with reliable security software to deter fraudsters from gathering your personal data and vital statistics.

Make Final Preparations

Coping with the loss of a loved one is emotionally and physically challenging for most people, and on top of the grief, it often takes weeks, or even months, to notify creditors and vendors after someone dies. Unfortunately, scammers and identity thieves get started immediately after they see perform an obituary search or read a newspaper report that announces a death.

Assign a friend or relative to take charge of reporting your death immediately. Or consider hiring a funeral estate planning attorney to handle all notifications. Recommendations from AARP.com include contacting the Social Security Administration (1-800-772-1213), sending death certificates to the three major credit reporting agencies—Experian, Equifax and TransUnion—and asking financial institutions and creditors to mark accounts closed due to death. The IRS should also be notified as soon as possible to prevent fraudsters from filing for a tax refund with the deceased person’s information or claiming the deceased as a dependent on future returns.

Block the Channels

The best time to consider identity theft is before it happens. Make sure you create a love drawer with a list of everyone—businesses, government agencies and individuals who have access now, or might have acquired your information in the past. Include medical providers, lawyers, the IRS, the Social Security Administration, banks, creditors and even your landscape and pest control contractors.

Prepare a simple form letter that informs recipients of your death in advance. Assign someone to mail these letters, preferably by certified mail, immediately after your death. Ask your designated helper to cancel your voter registration card, drivers license and online social media accounts (learn more about digital estate planning).

Work With the Credit Bureaus

The credit reporting agency Experian advises that credit bureaus periodically update records with information received from the Social Security Administration to flag files when people pass away. It could take up to six months for the information to be transferred so, having someone designated to report the death is preferable to waiting for agency notification. To protect against fraud, survivors should request credit reports every few months after a loved one passes to be sure no one is trying to assume the deceased identity.

 

10 Advantages to Burial Insurance and End of Life Planning

Burial Insurance

10 Key Things to Know About

Burial Insurance

 

The Average Cost of a Funeral: $7,000-$10,000
The Average Cost of a Burial:  $5,000-$7,000
TOTAL Funeral and Burial Costs:  $12,000-$17,000

 

According to AARP (www.AARP.org), the average cost of a funeral for most families is approximately $10,000.  Depending on a wide variety of individual factors and circumstances, this average cost could arguable by much lower…or much higher.  However, when you consider the fact that your family and loved ones could be forced to deal with a large number of financial choices and decisions that add up to such significant funeral costs, creating an end of life plan and looking into burial insurance is something that nobody should overlook or ignore.

Top 10 Advantages of Burial Insurance:

 

1.) NO medical exam required

2.) Premiums NEVER increase

3.) Accumulates CASH value

4.) Insurance NEVER decreases

5.) EASY to obtain up to age 85

6.) Protection is GUARANTEED

7.) Prepays ALL funeral costs

8.) Prepay OTHER outstanding debts or expenses

9.) Your beneficiary can ALWAYS be changed

10.) QUICK and EASY protection from $2,500 to $50,000

Click Here for a FREE Burial and Funeral Insurance Quote

 

 

By |November 20th, 2013|Categories: average funeral costs, Blog, burial, burial insurance, end of life, Funeral Costs, Funeral Insurance|Tags: , , , , , , , , |Comments Off on 10 Advantages to Burial Insurance and End of Life Planning

What is a Funeral Consultant? Why Hire One?

Funeral Consultant

What is a Funeral Consultant?

Perhaps you have never heard of a Funeral Consultant?  Well even if you have not, you probably agree that when it comes to life’s most important and challenging decisions, seeking professional guidance and support is a good idea.  You probably also agree that professional planners, such as wedding planners, can be sanity savers.  Let’s take a wedding for example.  Many people prefer to hire a wedding planner.  Why?  Mainly because they want a professional consultant to assist them along the way with the large number of emotional and financial decisions in planning this important once-in-a-lifetime event.

Why Hire a Funeral Consultant?

Most weddings are usually planned within a 6-12 month time frame.  However, planning a funeral is usually done within a 24 to 48-hour time frame, and involves making over 150 important decisions.  Studies prove that when most families are faced with the task of planning a funeral say they are largely unfamiliar, uncomfortable, and unprepared.

So similar to a wedding planner, a Funeral Consultant’s job is to help families make an important and difficult situation easier.  Funeral Consultants are professionally engaged, but have the unique advantage of being experienced while not emotionally attached to the event.  Funeral Consultants are trained and educated professionals whose job is solely to educate and guide you through one of life’s most challenging experiences.

Funeral Consultants are responsible for exactly what most families are searching for, which is being educated on a large number of funeral and/or cemetery options, helping you make decisions when you get stuck, keeping you within your budget, and making sure you know what you are doing – and that you don’t forget anything.

4 Ways Family Funeral Consultants Help Families

1.  When a death occurs
2.  If a death is expected
3.  Planning in advance
4.  Grief counseling and coaching

One Example of How Funeral Consultants Can Help You Save Money

In a recent survey of just one small community’s funeral homes and cemeteries, a basic cremation started at $710 at one establishment, but cost as much as $3,820 at another.  Likewise, direct burial costs ranged from $1,695 to $4,455. The same casket cost was $996 at one place, but $4,200 at another. Cemetery opening and closing fees can vary by more than $2,000, depending on the cemetery and day of the week you choose.  In just this particularly local community survey, there were 15 funeral homes and 13 major cemeteries.  So how would a family know how to choose from among them?  The answer is simple.  Consider hiring a Funeral Consultant.

Funeral Consultants research and negotiate the prices for funeral home and cemetery services in a given area.  Serving as part family advocates and part event planners, a Funeral Consultant can show you side-by-side comparisons of all of the cemetery or funeral home services, your options, and your costs in your local area.  They can also help connect you to other funeral planning resources, including financial aid and support.

According to AARP, the average cost of a funeral today is approximately $10,000. (Note:  This does not include the cost of the cemetery plot and associated fees for the monument, and much more.)  The average funeral insurance policy that most people buy to pre-pay their funeral costs in advance is approximately $5,000. Getting help from someone who knows how this entire process works, and also knows your local options, just makes sense.

It’s Not Always Just About the Money

Rather than dress up and rush into a funeral home being unfamiliar, uncomfortable, and unprepared, most people prefer discussing their all-important funeral or cemetery arrangements in the comfort of their own home, among their family, friends, and loved ones.  Rather than listen to strange terminology and make expensive decisions on the fly, most people prefer a third-party and independent professional to help guide and support them through this difficult and time-sensitive process.  Rather than being uncomfortable or afraid to ask certain questions, most people prefer having the option and flexibility to say or ask things like: “That seems too expensive” or “We cannot afford that” or “What other options do we have?” or “What do other funeral homes or cemeteries charge in my local area?”  

In addition, many families want their Funeral Consultant to join them at the funeral home or cemetery arrangement conference, which can be an option.  Funeral Consultants can also be an excellent resource when it comes to matters related to aftercare planning, such as stopping bills and utilities, work with outstanding debts, working with insurance carriers, estate and tax planning, and more.

How Much Does a Funeral Consultant Cost?

For a set fee, Funeral Consultants will take care of all the tasks, price negotiations, and coordination details, freeing family members from this obligation and helping them arrange the funeral they want within their budget.  With the average Funeral Consultant fee being $500, and the average family savings over $3,500, hiring a Funeral Consultant is a good investment.  But keep in mind that by minimizing or eliminating a lot of the financial and emotional stress associated with families and funeral planning, most families will tell you that value-added services of a Funeral Consultant can be priceless.

For more information, or to find a local Funeral Consultant, click here.

 

 

Death of a Loved One Funeral Planning Checklist

Plan a Funeral

Death of a Loved One Checklist

Checklist to Help Families Get Through a Difficult Time

Losing a loved one is arguably one of the most difficult experiences in life.  In addition to coping with the grief and loss, there are also a variety of challenging tasks and important financial decisions to be completed, some of which include:

– Making final arrangements

– Reviewing funeral costs and funding options

– Settling an individual’s estate and heirlooms

– Notifying family, friends and co-workers

– Working with various companies and government agencies

– Providing important vital statistics for insurance claims and death certificates

– Securing the financial security of the remaining spouse

Time-Sensitive Tasks

Contact all close family members, friends, co-workers and clergy first.  This is not only important to notify them of this loss, but because you will need their help with funeral planning and emotional support.

Begin working with the family and loved ones to arrange the funeral, burial or cremation and memorial services Since everyone knows that death is a guaranteed event, my hope is that financial professionals have properly planned and prepared their clients and prospective clients in most of these End of Life arrangements ahead of time.

Review all of the important paperwork and documents to identify any instruction containing their final wishes. In most cases, these key End of Life and estate planning instructions can be found in his or her Last Will, Living Trust, or other estate planning preparations.

Notify family, friends, co-workers and loved ones of the final arrangements.  These final arrangement notifications should include details such as cultural and religious rituals, funeral etiquette details, and funeral flowers or donation preferences.

Notify the decedent’s place of work, professional organizations, unions, associations, military branch, and any other organizations where he or she may have been a member or volunteer.

Recommend that each of the decedent’s loved ones notify their own personal employer and arrange for bereavement leave.

Make sure that an obituary is created in your local newspaper as well as on the Internet.

Promptly begin obtaining certified copies of the death certificate. In most cases the family doctor or medical examiner provides a death certificate within 24 hours of the death. The next step is for the Funeral Home and/or Funeral Director to complete the form and file it with the state. Note: Be sure to request and obtain many original copies, since photocopies are not always accepted. These death certificates become important for tasks such as applying for benefits and settling an estate.

Be sure to review all financial affairs, particularly focusing on estate planning documents such as a Last Will or Living Trust, deeds and titles, marriage certificates, birth and adoption certificates, military paperwork and other relevant documents.

If applicable, locate and contact the decedent’s estate planning attorney for all copies of estate planning documents, particularly the originals.

Contact the decedent’s local bank to verify if they had a safe-deposit box.  Note: If the decedent did not leave behind instructions or details regarding who is authorized to open their safe deposit box, you can petition the probate court for an order to open.

Contact the Social Security Administration to report the death.  Also note:

– If your loved one was receiving any benefits via direct deposit, request that the bank return funds received for the month of death — and thereafter to Social Security as well.

– Do not cash any Social Security checks received by mail. Return all checks to the Social Security Administration as soon as possible.

– Surviving spouses and other family members may be eligible for a lump-sum death benefit and/or survivor’s benefits. You can visit www.ssa.gov for more information.

Prepare a comprehensive list of all of the decedent’s assets.

If applicable, be sure to put safeguards in place to protect any key property.

Make sure any mortgage payments and insurance premiums continue to be paid while the estate is being settled.

Regarding the decedent’s place of work, be sure to:

– Request to receive their belongings.

– Inquire about collecting any salary, vacation or sick pay owed.

– Ask about continuing health insurance coverage and potential survivor’s benefits for their spouse and/or children.

– Review all employer, union, or association death benefits details.  Be aware of the fact that if the death was work-related, the decedent’s estate or beneficiaries may be entitled to workers compensation benefits.

Contact the decedent’s past employers regarding any pension plans, survivor benefits, as well as any other forms of defined benefit or defined contribution retirement savings plans.

If the decedent was a military veteran, inquire about any potential eligibility for burial and memorial benefits. This can be accomplished by contacting the Department of Veterans Affairs by either calling (800) 827-1000 or visiting their website www.va.gov.

Contact any IRA custodians, trustees, and guardians. Be sure to review and confirm all of the IRA beneficiary designations, as well as understand all of the IRA distribution options.

Locate and review all life and funeral insurance policies, which could include individual insurance, group life insurance, mortgage insurance, auto credit life insurance, accidental death and dismemberment, credit card insurance and annuities.

Contact each insurance company to find out the necessary procedures and documents needed to file claims.

Promptly contact all credit card companies to notify them of the death and, assuming there are no other names associated, cancel all credit cards.

Retitle all jointly held assets such as bank accounts, automobiles, stocks and bonds and real estate into the surviving parties’ name.  If the decedent was an owner, principal, or had a controlling interest in a business, review all corporate documents and details. Be sure to check to see if there are any additional business agreements such as a buy-sell agreements, split-dollar agreement, etc.

Tasks to Be Completed Within 9 Months:

If the decedent created a Last Will or Living Trust, be sure to file these documents with the appropriate probate court. If there was any real estate owned out of his or her state of domicile, be sure to file ancillary probate in that state also.

If the decedent did not leave behind a Last Will or Living Trust, contact the probate ask the court or a probate attorney for instructions and assistance.

With regards to any of the decedent’s creditors, be sure to notify them by mail as well as by placing a notice in the local newspaper.  Any debtor’s claims must be made within the statute of limitations.  Although this varies from state to state, the standard time is usually 30 days from actual notice. Once a claim has been made, be sure to insist upon proof of all claims.

With regards to estate taxes, you may be required to file a federal estate tax return within 9 months of the date of death. Due to the fact that state laws vary, there is the possibility that state estate tax and/or inheritance tax returns may need to be filed.  Federal and state income taxes are due for the year of death on the normal filing date, unless an extension is requested. Should there be any existing Trusts in place at the date of death, a separate income tax return may need to be filed. It is highly recommended that all financial professionals and their families seek the advice of seasoned tax and estate planning professionals.

Tasks to Be Completed Within 9 to 12 Months

One of the most important tasks, which can often be overlooked or postponed, is to update your own estate plan — or your client or prospective client’s estate plan — if someone was a beneficiary or appointed as an agent, trustee or guardian.

Along the same lines, it is also extremely important to revise and update all beneficiary designations on the decedent’s or surviving parties retirement plans. This includes accounts such as IRAs, Transfer-on-Death (TOD) or Payable-on-Death (POD) accounts, pension plans, life insurance policies, annuities and any other accounts on which the decedent was named as a beneficiary.

Review the impact of the “big picture” financial situation, which includes changes in the household income, expenses, budget, as well as short and long-term goals and objectives.

Review the families insurance needs, including the insurance amounts, types, beneficiary designations and most importantly, any needs for insurance.

Reevaluate whether or not the existing investment options still make sense. This includes reviewing details such as existing asset allocation, goals and objectives, risk tolerances, income and estate taxes, income distribution and legacy planning.

Other Key Considerations

Although this is a matter that most families and loved ones wish to complete and have behind them, take your time and do not try to rush the settlement of a loved one’s estate. When it comes to estate planning and distribution, there are many important decisions that must be made in compliance with the Last Will or Living Trust and applicable state and federal laws. This is exactly why it is so important to seek the help and advice of an experienced estate planning attorney.

If your client, prospective client or loved one did not leave behind any End of Life plan with regards to their final plans and preferences, you can visit www.funeralresources.com and www.memorialtechnology.com. These are family-focused resource centers that contains the large majority of information most families seek help for when it comes to funerals, burials, memorial services, End of Life Planning and much more.

Christopher P. Hill, Founder

Funeral Insurance

End of Life and Funeral Insurance

Everything You Need to Know About
Funeral Insurance

The Average Cost of a Funeral is $10,000 (AARP.org)

 

10 Important Things to Know About
Funeral or Burial Insurance:

 

1.) NO medical exam required
2.) Premiums NEVER increase
3.) Accumulates CASH value
4.) Insurance NEVER decreases
5.) EASY to obtain up to age 80
6.) Protection is GUARANTEED
7.) Prepays ALL funeral costs
8.) Prepay any expenses or debts
9.) Your beneficiary can ALWAYS be changed
10.) QUICK coverage ranges from $2,500 to $50,000

Additional Helpful Resources:

3 Most Common Ways to Plan a Funeral

How to Prepay Funeral Expenses

Key Burial Insurance Details

Top 10 End of Life Plan Benefits

 

Funeral and Death Estate Tax Planning

Funeral Estate Tax Planning

Estate and Inheritance Tax Questions to Ask

After Grieving the Death of a Loved One

When suffering from the grief and loss of a loved one, it can be the most painful and stressful time in our life. It’s important to surround our selves with close family or friends as a support system.

The experience is one that can seem like time is standing still because of the grief, but at same the time, it can be quite overwhelming and as if time were flying right past us. When someone we love passes away, there are so many details that need to be considered while grieving. That process in-and-of-itself can be painful. Funeral arrangements, memorial services, obtaining death certificates, and legal matters are all part of the details involved in losing a loved one.

Things like inheritance and estate tax issues don’t need to be addressed immediately. Focusing on our friends and family are obviously more important. But eventually the details will need our attention.

Helpful Considerations When Facing a Loss:

Is Life Insurance Taxable?

While life insurance proceeds are included in the estate, they are not taxable (as income) to beneficiaries. However, you should contact the life insurance company to understand the procedure to cashing in their policy. Typically insurance companies will require a claim form and death certificate. But generally, life insurance is not taxable to inheritors. (Click to learn more about burial insurance and/or funeral insurance)

What is My Inheritance Tax Rate?

Inheritance tax will vary from state-to-state. Typically if the value of the estate that’s being inherited is high in value, your tax rate will be higher as well.

For example, tax preparers in Indianapolis, Indiana will tell you that Indiana’s inheritance tax system breaks the heirs or inheritors into three classes or groups. Systems in Pennsylvania are very different. For Indiana, each group has different rate schedules and exemptions. Here’s how this looks according to the Indiana Department of Revenue:

•  Class A – direct ancestor or descendant, stepchildren, direct descendant of a stepchild: $100,000 exemption.
•  Class B – siblings, descendants of sibling, spouse, widow or widower of your child: $500 exemption
•  Class C – anyone else excluding spouse: $100 exemption

Are Bank Accounts Taxable?

Revenue-producing assets like bank accounts and stacks are not taxable upon inheriting them. However, the income that these assets generate is taxable to the recipient.

What About Pensions and IRA’s

A person inheriting a pension or IRA is required to pay taxes on the amount received, as the decedent (person who is deceased) would have during their life. An IRA or similar fund can be rolled over tax-free into the beneficiary’s name and treat it as their own.

While things like estate and inheritance tax is, by no means, the most important item to address when we suffer the loss of a loved one, it is important to understand what is and is not taxable during these times. Estate and inheritance taxes can be burdensome and stressful, but in some cases, an inheritance is not taxable to you.

Estate lawyers are available to help guide us during times of funeral estate planning, but they can often be costly. Check with your tax preparer or attorney handling the estate as to what you need to know when sorting out inheritance and estate issues.

Best Ways to Prepay Funeral Expenses

How to Prepay Your Funeral Expenses…
And Why?

According to AARP (www.aarp.org), the average cost of a funeral today is approximately $10,000.  So by preplanning a funeral and creating an end of life plan, your are certainly doing a wonderful thing by helping to alleviate many of the funeral planning challenges.

Therefore, over 60% of people who are willing to selflessly take the time to create an End of Life Plan will also choose to prepay their funeral expenses.  By taking care of your funeral costs and expenses in advance, this is yet another added value.  Prepaying your funeral costs is another way of leaving behind a memory of how much you cared for your family and loved ones, rather than leaving them to deal with these financial challenges.

While you need to learn and understand the three most common ways to preplan a funeral, you should also be familiar with the various ways of prepaying your funeral expenses, since this is  one of the fastest growing and widely-accepted aspects of the funeral planning process.

Similar to preplanning your funeral, most financial professionals agree that prepaying your funeral expenses should be a standard topic of discussion when creating a financial plan and estate plan.

The most common and widely used strategies to prepay your funeral expenses are savings, life insurance, and funeral insurance (also referred to as burial insurance), mainly because they tend to be deemed the most reliable and readily available. However, there are several other finance advice strategies to consider when prepaying your funeral costs or expenses:

Savings

Although many people choose to set aside savings to pay for their end of life plan and funeral expenses, there are several reasons this does not always end up working out as originally planned. First, the savings can be depleted based on unexpected financial circumstances, such as health or financial issues. Second, these funds are not always readily available and liquid upon death due to the challenges and restrictions often found in estate planning. Third, the funds set aside can often be insufficient due to inflation and the rising cost of funeral expenses. Finally, it should be noted that savings are included in a part of one’s estate, and, thus, the taxable consequences can often come into play.

Life Insurance

Term Life Insurance is widely considered to be a flexible, simple, and affordable way to pay for your final funeral expenses. Although Term Life Insurance has a set term, or set number of years, it also has multiple uses in prepaying for your funeral. Because upon your death it becomes a liquid asset that is usually not part of your estate, it can be used for many things such as your funeral or memorial services, burial expenses, cremation, liquidity, and many other things, including debts or obligations.

In addition, there are some types of life insurance that allow the funds contributed to these policies (either in lump sum, monthly, quarterly, semi-annually, or annually) to grow and accumulate as a cash value that can be accessed if necessary. Therefore, these policies can not only be used for funeral expenses, but also for other financial planning options that may arise such as financial emergencies, and college.

Funeral Insurance

Funeral insurance is an insurance policy which is specifically designed to cover any costs or expenses which are directly related to your funeral. If you purchase one of these policies, one of the options you have is to determine exactly which funeral costs or expenses are to be covered, such as funeral flowers, burial plot, grave marker, and much more. Another option you have is for the policy to be paid out in a single lump-sum, which can be used to cover your pre-determined costs or expenses, or simply help your loved ones financially as they plan for you. There are many insurance companies that offer funeral planning packages, and certain funeral homes or funeral companies also offer funeral insurance policies.

Pre Need Trust Agreements

Another alternative to prepaying your funeral is to consider a Pre Need Trust Agreement to pay for your costs or expenses. Generally speaking, these Trust accounts are typically funded with monthly payments that are invested in a fund which is designed to grow over time. Although a Trust account is designed to provide the potential for protection against inflation, it is not guaranteed to do so.

Get Help

Although the large majority of the funeral industry will tell you that most funeral costs can range anywhere from $5,000 – $10,000, it is very common for funerals to cost much more or maybe even less.

Also, as with any important financial decision or investment, there are many advantages and disadvantages to each of the options mentioned above. Before choosing a policy, it is important to consider many things, including but not limited to your age, health, financial status, objectives, liquid assets, tax issues, estate tax issues, family needs, etc.

In summary, although nobody likes to think or talk about dying, it is one of the facts of life we all must eventually face. If you are trying to build a successful financial plan, the only way you can be sure your plan works smoothly and efficiently is to be proactive about your planning process. This is particularly true and necessary when creating a proper plan of succession, and everyone should consider including an end of life plan.

Please consult with your attorney or financial advisor before applying or purchasing any of these policies, pay close attention to your specific state requirements, and also the financial strength and claims paying abilities of each company, funeral home, etc.

 

How to Create an Solid End of Life Plan

End of Life Planning

Your Family-Focused Gift of Love

Like so many families, when we suffered the loss of my mother last year we faced the difficult decision of what to do next. Because we were never willing to accept this as a possible outcome, nor did we think about planning in advance for this incomprehensible loss, we had no idea where to begin or who we could turn to.

Most people tend to overlook one of the greatest gifts you will give your family, which is properly preparing them for the inevitable. At best, you might have started your estate planning process by creating and choosing a Last Will or Living Trust.

However, the harsh reality is that approximately over 70% of Americans have no form of estate plan. So by having a will or Trust, you have clearly taken a step in the right direction toward preplanning your future financial wishes. The problem is, this form of planning fails to accomplish the most important task, which is addressing your family’s immediate concerns.

The person, or in most cases people, responsible for taking care of your final arrangements are usually forced to make extremely important decisions, as well as major financial purchases, within a small time frame…usually within approximately 48 hours after your death. Of course, you cannot expect to fully alleviate the emotional and financial stresses of your loved ones during such a difficult time, but you can help them tremendously by having a plan that outlines your funeral wishes.

Most financial professionals are realizing that an integral part of a sound financial and estate plan is taking care of your funeral services ahead of time.  To preplan a funeral gives you the ability to choose your method of disposition, the exact type of services you want, and allows your family to focus more on things such as grieving and recovery. In addition, preplanning is also a good thing for you because it allows you to make extremely important decisions through a calm and clear thought process. Emotionally, it is much more likely that you will create a more rational and logical end of life plan.

When preplanning your funeral, here are several general guidelines to begin your preplanning process:
* Visit various funeral homes and interview multiple funeral directors
* Choose a funeral home and director where you think your family would be most comfortable
* Consider bringing family members with you during this selection process
* Be aware and informed of bereavement entitlements such as veterans, unions, fraternities, etc.
* Consider religious and moral convictions, and discuss them with your family
* Determine your method of disposition (burial, cemetery, entombment, cremation, etc.)
* Plan your ceremony considering things like casket viewing, religious aspects, who should be included, etc.
* Itemize your costs
* The Federal Trade Commission offers a free funeral planning guide titled “Caskets and Burial Vaults” (202-326-2222) which has made it easier for consumers to comparison shop.
* The FTC Funeral Rule requires funeral directors to give pricing information over the phone, as well as provide you with a readily available General Price List if you visit them in person. This FTC Funeral Rule also allows you to purchase caskets, which are the single largest funeral expense, from outside vendors without the threat of a carrying charge.

What About Paying For Funeral Expenses In Advance?

Although planning your funeral arrangements in advance may help alleviate many of the details, prepaying (also known as prearranging or a Pre Need Plan) for your funeral services is a way of taking care of the actual expenses.

Prepaying your funeral or cremation is one of the fastest growing, and most appreciated and accepted aspects of funeral planning. Similar to preplanning your funeral, paying your funeral expenses in advance is also becoming widely accepted by many financial professionals as a solid piece of a sound financial and estate plan.

When prepaying your funeral plan, the most common and widely used strategies are savings and life insurance, mainly because they tend to be deemed the most reliable and readily available. However, there are several other strategies to consider when prepaying your funeral costs or expenses:

Savings

Although many people choose to set aside savings to pay for funeral expenses, there are several reasons this does not always end up working out as originally planned. First, the savings can be depleted based on unexpected financial circumstances, such as health or financial issues. Second, these funds are not always readily available and liquid upon death due to the challenges and restrictions often found in estate planning. Third, the funds set aside can often be insufficient due to inflation and the rising cost of funeral expenses. Finally, it should be noted that savings are included in a part of one’s estate, and, thus, the taxable consequences can often come into play.

Life Insurance


Term Life Insurance is widely considered to be a flexible, simple, and affordable way to pay for your final funeral expenses. Although Term Life Insurance has a set term, or set number of years, it also has multiple uses in prepaying for your funeral. Because upon your death it becomes a liquid asset that is usually not part of your estate, it can be used for many things such as funeral, burial, cremation, liquidity, and many other things, including debts or obligations.

In addition, there are some types of life insurance that allow the funds contributed to these policies (either in lump sum, monthly, quarterly, semi-annually, or annually) to grow and accumulate as a cash value that can be accessed if necessary. Therefore, these policies can not only be used for funeral expenses, but also for other financial planning options that may arise such as financial emergencies, college, etc.

Funeral Insurance

Funeral insurance is an insurance policy which is specifically designed to cover any costs or expenses which are directly related to your funeral. If you purchase one of these policies, one of the options you have is to determine exactly which funeral costs or expenses are to be covered, such as flowers, burial plot, grave marker, and much more.

Another option you have is for the policy to be paid out in a single lump-sum, which can be used to cover your pre-determined costs or expenses, or simply help your loved ones financially as they plan for you. There are many insurance companies that offer funeral insurance packages, and certain funeral homes or funeral companies also offer policies.

Pre-Need Trust Agreements

Another alternative to prepaying your funeral is to consider a Pre-Need Trust Agreement to pay for your costs or expenses. Generally speaking, these Trust accounts are typically funded with monthly payments that are invested in a fund which is designed to grow over time. Although a Trust account is designed to provide the potential for protection against inflation, it is not guaranteed to do so.

Take the First Step Today

In summary, although nobody likes to think or talk about dying, it is one of the facts of life we all must eventually face. If you are trying to build a successful financial plan, the only way you can be sure your plan works smoothly and efficiently is to be proactive about your planning process. This is particularly true and necessary when creating a proper plan of succession, which I firmly believe should include an end-of-life plan.

Christopher P. Hill, Founder

Three Main Reasons Families Seek Funeral Planning Help Online

Funeral Planning Help

Three Most Common Reasons Families

Need Help Planning a Funeral

There are three common situations where families need funeral planning information, guidance, and support:

1. A loved one has recently passed:

One of the best ways to reduce the stress and pressure involved when you need to plan a funeral is to make sure you’re well prepared. This involves being able to access helpful information, people, places, and resources.  It also helps to start with a plan.

FuneralResources.com is solely designed to help you find complete details regarding everything you need to know when facing any type of funeral planning. Our goal is to help you organize this process and ensure educated and clear decision-making, as well as provide access to pre-screened funeral homes and professionals.

2. A loved one has been diagnosed as terminally ill:

There is usually a tremendous amount of chaos surrounding funeral planning, especially when the loved one in question has been diagnosed with a terminal illness.  At such a time, you will likely be overcome with grief and loss, and need someone slightly more removed from your loved one, such as professional grief counseling, to act objectively and handle the many options and responsibilities of planning a funeral in advance.

Key considerations when faced with a terminal illness:

a) Review the Last Will of your loved one to learn of any special or unique arrangements they might have in place. The goal here is to find any plans or preferences regarding their end of life planning, as well as to see if they might have accomplished any preplanning.

b) If established, be sure to review their Living Will and Advanced Medical Directives. These documents can become extremely important in the event certain difficult health circumstances arise. The goal of these documents is to ensure their last wishes are carried out by the people closest to them in the event they become physically or mentally incapable of making these choices on their own.

c) If everyone mutually agrees that the Last Will or Living Trust is not going to be discussed or reviewed until after death, we strongly suggest that you consult with a funeral estate planning attorney to review the Last Will and identify if there are any special instructions concerning their last wishes.

d) Inform certain key people of what likely lies ahead including immediate family, friends and relatives, co-workers, insurance companies, a family doctor, the Cemetery or other burial place, other organizations such as churches, social clubs, etc.

3. Preplanning your end-of-life plans and preferences

In the past, planning for your death in advance was considered to be taboo. Today, preplanning a funeral and the accompanying arrangements is a popular decision and should be considered an important part of planning for the future. There are many reasons to consider learning more about the 3 ways to preplan a funeral. The most important reason is because it reduces or eliminates the emotional and financial pressure of making difficult decisions during life’s most challenging circumstances. In addition, prearrangements also let you choose exactly how you want to be memorialized and allows for personal preferences in all aspects of the funeral service. Not only is this becoming a widely accepted part of a sound comprehensive financial plan, but we firmly believe this is one of the greatest gifts you can leave your loved ones.

 

Your End of Life Plan is the Gift of a Lifetime

End of Life Plan

Creating an End of Life Plan…

And Leaving the Gift of a Lifetime!

Sometimes I feel as if I am the only person in America who is speaking about one of the most important plans you can create, an End of Life Plan. The harsh reality is that very few individuals, families, or even financial professionals are regularly teaching, practicing, or implementing End of Life Plans.

Nothing Good Comes Easy

Why is that that more than 80% of people in America die without leaving behind their End of Life Plan and preferences?  I believe it is because these are the only types of plans that directly addresses death and dying.  Therefore, most people would prefer to overlook or ignore this type of conversation.  The problem is that, in doing so, you are leaving these matters to your spouse, children, and/or family members – to pile on top of what is already one of the most difficult times of their lives.

The fact of the matter is that an End of Life Plan should be a standard and routine part of a comprehensive financial  or retirement plan.  Period.  It is the missing piece to the financial services puzzle that needs to be fixed.

Fact:  Some Day You Will Die

Sure, the last thing any of us want to do is talk or think about is how to plan a funeral. And this is not just “a funeral”, but rather your own personal funeral.  So I get it.  I fully understand why an End of Life Plan is not such an easy and comfortable discussion.  However, some day every single one of us will die (hopefully later versus sooner), but we will die.  So this means that “someone” is going to be forced to deal with planning your End of Life Plan and preferences.

So ask yourself this question; “Would you rather take care of your final arrangements yourself, or leave it to your loved ones who are already suffering from the grief and loss of your death compounding insult to injury?”

We all know for a fact, with absolute certainty, that we are all going to die some day, right?  So why is it that most people are not talking about this?  Why are financial planners not learning the best ways to plan their clients and families for their inevitable death?  Why is it that, at the very least, everyone is not taking a few minutes to simply document their End of Life Plans and preferences for our loved ones?

 

Financial Planners Should Encourage an End of Life Plan

In addition to being the Founder of this website, I have worked as financial planner for over 23 years and currently own my own Wealth Management practice.

I mention this because, for the most part, the financial planning industry overlooks and ignores End of Life Plans, Pre Need Plans, and Final Expense Plans.  These plans are not widely-recognized as an all-important additions to a comprehensive financial and retirement plan.

To prove this point, here is a fact:  Prior to losing a loved one and experiencing how to plan a funeral myself, I had never heard some talked about this subject.  This includes all of my 20+ years of studying, training, attending classes, getting licenses and certifications, and more.

How About You and Your Financial Plan?

Has your financial planner discussed this with you? Does your financial plan include your End of Life Plans and preferences?  Are these details documented and written down in a safe place?  Do you currently have a plan in place for your pre-arranged funeral or cemetery arrangements?  Have you created a plan to specifically designate which monies will prepay funeral expenses and funeral costs?  Do the people you love know what you really want?  Have you notified them regarding the fact that you have taken care of these End of Life Plan details?  Do they know where these plans and details are located?

You are Not Alone

If you do not currently have an End of Life Plan in place, you are not alone.  Given my personal experience, I can tell you that losing my mother was, by far, the toughest day of my life. And like our situation, here is what happens in most cases.  Just about the time when it starts to “sink in” that your loved one is really gone, and your emotions begin to elevate, all of a sudden you find yourself sitting in a Funeral Home or Cemetery, reviewing all of their funeral home services and planning a funeral.  This is probably the last thing anyone wants to be doing during a difficult time like this. 

Just Some of the Funeral Planning Challenges

• How do you transport the body?  Where do you transport it?  How soon?
• What vital statistics do we need to gather, and how soon?
• How soon afterwards should the funeral and/or memorial service be?
• How do you determine which Funeral Home, Cemetery, or Funeral Director?
• What if the deceased lives out of town?
• Sitting down with a Funeral Director to review all the details and options
• Try to figure out what your loved one “would have wanted”
• Making some incredibly difficult financial decisions
• Trying to figure out what type of memorial service your loved one “would have wanted”
• Did they want to be cremation or traditional burial?
• Choosing among many different types of caskets or cremation urns
• Where should the final resting place of their body or ashes be?
• How do you coordinate this with your religion/Church?
• Who should be invited, and how do you invite them?
• Arranging travel and accommodation plans for out-of-town guests
• Who will give the funeral eulogyHow to give a eulogy?
• How will this be paid for?  Were there any burial insurance or funeral insurance policies?
• Who will speak at the memorial services? Which songs and prayers do you use?
• Do you have a gathering afterwards?
• How do you place an obituary? Who does this?
• Do you want funeral flowers or donations?
• Arranging funeral programs, sending “thank you” cards, and much more…

End of Life Plans Save Money

Another huge benefit to creating an End of Life Plan is that, in addition to saving your family from going through emotional challenges and making difficult decisions, you could very likely save your family thousands – or even millions – of dollars. The reason why is when someone dies, there are many financial matters that accompany the funeral planning such as funeral estate planning, estate taxes, death taxes, capital gains taxes, income taxes, insurance policy proceeds, investments, real estate, bank accounts, mortgages, other debts, and much more.

Plan Now – Don’t Wait!

A wise man once said, “The difference between failure and success is largely determined by the amount of time and preparation put into preparing for the future.”  By creating a solid End of Life Plan – and then adding this as a part of a sound and comprehensive financial plan – nothing could be further from the truth!

Christopher P. Hill, Founder
FuneralResources.com

5 Easy Steps to Create Your End of Life Plan

End of Life Plan Steps

5 Easy Steps Create an End of Life Plan

The Greatest Gift Your Family Will Always Remember

Live As If There’s No Tomorrow

The truth is nobody likes to talk about death or dying.  However, the unfortunate reality is that all of us will be forced to deal with this difficult situation at some point, and often times it happens when we least expect it.

Another harsh reality is that the large majority of financial professionals and families overlook or ignore the importance of incorporating a smart end of life plan as a part of a comprehensive financial plan.

I firmly believe that nobody would ever want their family and loved ones to have to deal with any unnecessary emotional and financial decisions (or costly expenses), during what could arguably be the worst times of their life.  However, yet another harsh reality is that over 70% of people who die fail to leave their family and loved ones as much as a basic Will, also called a Last Will and Testament.

Use These 5 Easy Steps:

I’ve put together 5 easy steps that should help every family improve their financial plan, simply by adding these key pieces of a smart end of life plan:

1.  Finish your Last Will or Living Trust, Living Will and other end of life directives.

2.  Complete our FREE Family Record Guide, which contains funeral plans including:

• A budget for the funeral costs that will be involved
• Your preference on a burial or cremation
• The location of your burial, or where you wish your ashes scattered
• Decide if you want a large memorial service or a small one
• Pre-arrange the caskets or cremation urns you like
• Choose officiates and others you want to run or speak at your service
• Pick the funeral music and Video Tribute you wish to have played
• What you would want engraved on your tombstone

3.  Create a “love drawer”, which is a central location where you keep all your end of life plans mentioned above. Choose someone to tell, and update it every two years.

4.  Consider using funeral insurance, such as pre need or final expense plans, which are specifically designed to pre-pay for all of your plans and funeral expenses

5.  Take advantage of the new memorial technology tools such as:

• Consider funeral webcasting on the Internet, so everyone possible can “attend”
• Build your own personal DVD Video Tribute, complete with songs and pictures
• Create and design a memorial website, who loved ones can share together online

Benefits to You and Your Family

By taking these steps now and creating your end of life plan in advance, you are sending your family a very strong message – which says that you cared enough to make this difficult time a little easier.  Not only with they thank you, but they will remember this selfless gift of love forever!

Chris Hill, Founder
https://funeralresources.com