If you're thinking about ways to make your passing away easier on your loved ones, there are a couple of different angles to consider. First, having a life insurance policy in place makes it easier for them to receive tax free money needed to assist with paying for mortgages, general expenses and college education.
Another thing to consider is having a comprehensive estate plan created by a lawyer. A third element of making this process easier for your loved ones is to think about prepaying for your funeral. Funerals can be quite expensive. By paying for them in advance, you make it easier for your family to focus on their own grieving process and spending time together. Prepaid funeral plans can also assist you with qualifying for Medicaid should you need long term care expenses.
It is important to understand that even a prepaid funeral plan can come with a risk, so you need to understand all the elements before selecting a plan. One challenge to consider is that consumers could lose money if a funeral home goes out of business before the need for a funeral arises. Also, customers are not always entitled to a refund if they change their minds about buying the plan, so make sure you also read the fine print. Consider shopping around to ensure that you are working with a reputable funeral home. Read your contract carefully and determine where the money goes once you make a payment for a prepaid funeral plan.
A consultation with an experienced and knowledgeable estate planning attorney can help you to consider some of the most important elements in deciding your next steps. Taking the early action to pre-pay for a funeral can make things easier for your loved ones, but don’t neglect the rest of the options with your estate plan. Our office can help you with all the other elements of your estate plan.