Today’s post is on the brighter side. Death. It’s inevitable. Does it have to be expensive too?
NO.
I’m sure all of you have your own experiences with losing loved ones. The grief is difficult to deal with. Now imagine you get stuck with a 5-6 figure bill after everything else. Average traditional burials cost around $10,000.00. Do you know where that money comes from? Usually family members foot the bill. Here are some alternative for the prudent dying person (that’s all of us BTW):
- Purchase Burial Insurance. Yes, thats a thing. No, it’s not expensive. Your insurance agent or local funeral home rep can fill you in on the morbid details. You pay a small amount per month and your funeral and burial is paid for over several decades. Some have a cash value and some don’t.
- Purchase Life Insurance. Life insurance is super cheap. Some professional organizations offer policies at an ever greater discount (I’m looking at you, lawyers.). Check out Health IQ, the policy that rewards you for being active with lower rates.
- Save money in a payable on death account. This seems like a no brainer, but saving $10,000 or more for your funeral and burial is really thoughtful.
Plan Ahead
Another piece of advice, preplan your funeral and burial . . . preferably while you’re young. no one wants to think about this, but buying a cheap coffin or simple service is a lot easier if you are buying the service for yourself. Skimping on a funeral when your family members are in the room is just asking for trouble. Pick your own music, decor, food, etc. I’ll even do stand up for a small fee.
Wills, Trusts, Distrust
Do you have a Will? No? Shame. I’ll touch on Wills and Trusts more in a later post, but for now, go spend a couple hundred dollars on a simple Will or revocable Trust (depending on the state, avoiding probate may or may not be a good idea). Wills tell the State and the Judge where your stuff should go and who should take care of everything. If you don’t tell someone in a document, the State decides. Trusts do the same with less Court involvement.
Conclusion
Dying is inevitable. For most of us, dying isn’t happening anytime soon. Be courteous to your family and provide for yourself. Let them reminisce about all of your great attributes when you die. Like that time you didn’t make them pay $20,000.00 to put you in the ground. Talk to your family members about what you want or don’t want to avoid squabbles at the funeral or the wake. Planning for death is rational and doesn’t have to be a buzzkill. Plus, if the funeral stinks, you’ll never know.
-B&T