When you hear the words “Estate Planning” there’s a certain picture that pops into your mind. Most people think of it as having a plan that distributes the assets you’ve accumulated during your lifetime to the people and organizations you want to benefit after you’re gone. And that picture would be exactly right.

But there’s a part of estate planning most people don’t think about, and those who do hold it at arm’s length because it’s a pretty morbid topic—Funeral Planning. Nobody wants to think about their demise, but disposal of your mortal remains happens before the rest of your estate plan kicks in. So, it makes sense for you to push those creepy thoughts to the side for a little while and handle this part of your estate plan.

 

Plan the Funeral

At a minimum, plan the funeral you want and put it on paper.

  • Do you want full body burial or cremation?
  • What funeral home do you want to handle your funeral?
  • Do you want a full-blown service at a church or funeral home, a memorial service, something brief with family and friends at the cemetery, or no service at all?
  • If you have a service, who do you want to speak or deliver a eulogy?
  • What songs do you want sung?
  • Do you want visitation one evening and the service the next or both on the same day?
  • If you do full body burial, do you want to be buried in some of your own clothes or ones purchased from the funeral home?
  • Who do you want as your pallbearers?
  • If you choose cremation, how do you want your ashes disposed of—scattered, buried in a cemetery, or sitting on somebody’s mantel?
  • If you want your ashes scattered, where?
  • What kind of casket or urn do you want and what do you want it to look like?

 

Buy Caskets Direct

There’s a mistaken idea that you have to buy your casket from the funeral home. Not true. There are casket companies that sell directly to you at much lower prices than the funeral home. You can even have them customized:

The Job You Had

                             Courtesy Nashville Casket Sales

 

Your Favorite Sports Team

                            Courtesy Nashville Casket Sales

Your Favorite Tool Brand

                                 Courtesy Nashville Casket Sales

 

Or Your Favorite Rock Band

                                Courtesy Nashville Casket Sales

 

And yes, you can get traditional caskets from a sell-direct store as well.

For those who don’t want full body burial, there is cremation. Your ashes are put in an urn to be kept on a shelf, buried in a cemetery or scattered. But that’s traditional cremation.

 

Alternative Cremation Options

For those who decide to be cremated, you can have your ashes professionally loaded in shotgun shells. For DIY’ers, there are YouTube videos that tell you how to load human ashes into shotgun shells yourself and others that show you how to shoot grandpa across his choice of final resting places. The Cremation Society of America says there are lots of alternatives for your cremains.

  • Incorporating cremains into a diamond or similar gem that becomes a keepsake and heirloom.
  • Mix a small amount of your loved one’s cremains with ink and have it tattooed on your skin.
  • Mix your loved one’s cremains with concrete to help form a marine reef as a memorial that can also support marine life.
  • Cremains can be incorporated into fireworks and set off in a customized display or packaged into self-firing rockets.
  • Shoot them into space: Ascension Flightsuses meteorological balloons filled with helium to carry biodegradable urns to the edge of space. Once the balloon reaches 100,000 feet, it bursts and scatters the ashes across the Earth.
  • Press the ashes into a record. And Vinylywill press your loved one’s ashes into a vinyl record for family and friends to cherish for years to come.

 

The point is, there are a lot of decisions to be made about a funeral. By creating your instructions ahead of time, your grieving family won’t have to make most of those decisions.

So, traditional or not, how do you get your funeral wishes carried out?

 

Preneed Funerals

A preneed funeral arrangement is one in which you set up and pay for your funeral while you’re still alive. Many go the preneed route so their family doesn’t have to worry about it at the time of death. The Federal Trade Commission (FTC) has a list of questions you should get answered before you sign a preneed funeral contract.

  • What exactly is included in the cost?
  • Does the cost cover only merchandise, like a casket or urn, or does it include other funeral services?
  • What happens to the money you have paid? State requirements differ in how the funds must be handled.
  • What happens to any interest income?
  • Are you protected if the funeral home goes out of business?
  • Can you cancel the contract and get a full refund?
  • What happens if you move or die while away from home?
  • Can the preneed plan be transferred to another provider?

 

Here are other tips as you go through the preneed process:

  • Be certain the funeral home, crematory, cemetery, preneed seller, preneed sales agent or insurance producer is licensed/registered with the state.
  • Ask a family member to accompany you while making the funeral/cemetery arrangements.
  • Ask the seller for a detailed price list of merchandise and services before you select anything.
  • Before signing a contract, read it carefully and understand all the provisions. Ask questions.
  • If you purchase funeral/cemetery arrangements, you should receive a copy of the contract that explains your rights and obligations, along with a written statement of all merchandise and services that you have purchased and the price.
  • The preneed funeral contract must clearly state whether it is funded by a trust or life insurance and the terms of payment.
  • If you are purchasing a trust-funded product, ask how your funds are secured. If you are purchasing an insurance-funded product, inquire about the insurance company and its rating.
  • The written contract must state under what terms you may cancel your preneed contract and how much you will be refunded.
  • All preneed funeral contracts must clearly identify to what extent the contract is a guaranteed preneed funeral contract or a non-guaranteed preneed funeral contract and state whether the contract is revocable or irrevocable. If prices are not guaranteed, the preneed seller should explain who is responsible for paying additional monies that may be due at the time of the funeral.
  • Keep a copy of your contract/plan in a safe place other than your safe deposit box. Tell a close family member or a friend that you have made arrangements and where the documents are kept.

 

Final Expense Policies

Suppose the idea of pre-planning and pre-arranging your funeral doesn’t appeal to you. What can you do? Buy a final expense policy.

A final expense policy is purchased from a life insurance company, and the beneficiary can be anyone of your choosing. The policies have death benefits that generally range from $10,000-$25,000, and the money can be used for anything, including funeral costs, transportation of family members, or any unpaid medical expenses.

With a final expense policy, funeral arrangements and paying for the funeral are left up to someone else.

 

Finding a Good Funeral Provider

It may sound crass when talking about finding someone to handle a funeral, but shop around; do plenty of due diligence.

  • Read customer reviews
  • Check for complaints with the Better Business Bureau (BBB)
  • Check with state licensing agencies
  • Check county records for a history of lawsuits
  • Meet with representatives of the funeral home and learn what they offer
  • If you feel pressured to buy something before you’ve seen the list of services, leave.

 

Planning a funeral is not the most fun way to spend your time, but it’s an important part of an estate plan that should not be ignored.

 

 

Disclaimer

This information is presented for informational purposes only and does not constitute an offer to sell, or the solicitation of an offer to buy any investment products. None of the information herein constitutes an investment recommendation, investment advice, or an investment outlook. The opinions and conclusions contained in this report are those of the individual expressing those opinions. This information is non-tailored, non-specific information presented without regard for individual investment preferences or risk parameters. Some investments are not suitable for all investors, all investments entail risk and there can be no assurance that any investment strategy will be successful. This information is based on sources believed to be reliable and Alhambra is not responsible for errors, inaccuracies, or omissions of information. For more information contact Alhambra Investment Partners at 1-888-777-0970 or email us at [email protected].