Funerals can easily cost more than $7,000, but an expensive burial isn’t the only option. Here’s what you and your family need to know.
Insurance and Accounts
Many life insurance policies provide immediate coverage for burial after notification of death. “The best way to ease the burden of funeral costs is with a simple insurance policy,” according to Tiffany Brown, an estate planning attorney in Tallahassee. “An insurance policy will ease the burden on family members from fundraising or dipping into their personal savings to bury their loved ones.”
Wills, Trusts, and Prepaid Plans
Brown says adults should also create a will or trust to specify their wishes regarding what should be done with the proceeds from their life insurance policy or other assets. Some individuals want a special memorial or cemetery, while others prefer that any excess money goes to heirs and charities.
Funeral Rule of the Federal Trade Commission
If someone hasn’t arranged their own funeral, it leaves a lot for the beneficiary or heir to decide. There are many add-ons in funeral costs that the Federal Trade Commission (FTC) warns about on its consumer information page to clarify fact from fiction. The FTC explains its funeral rule by detailing “pre-need arrangements” and the obligations that the funeral home has to its clients. The page states, “The funeral provider must give you an itemized statement of the total cost of the funeral goods and services you selected when you make arrangements. If the funeral provider doesn’t know the cost of the goods at that time, they must give you a written ‘good faith estimate.’ This statement must also disclose any legal requirements of the cemetery or crematory where you purchase specific funeral goods.”
Cremation, Alkaline Hydrolysis, Donation, and Other Alternatives
Families choosing cremation do not need to purchase a casket at all, as they can rent one. Families that do not wish to have a memorial can forgo it altogether and opt for a large photo instead. Overall, cremation can save thousands of dollars in funeral expenses, but it may take time for everyone in the family to agree that this is the right approach.
There are other options that are not necessarily cheaper but may be your preferred way to honor the deceased. Alkaline hydrolysis has gained popularity after Bishop Desmond Tutu opted for it; it is a relatively new technology in which the body is placed in a narrow water chamber with about 100 gallons of water and alkaline chemicals. The chamber is heated, converting soft tissues into liquid and bones into a sandy-like substance. This process is believed to be more environmentally friendly than other methods. According to Republic World, the average cost of alkaline hydrolysis ranges from $2,000 to $3,000, much lower than traditional funeral costs. Additionally, the trend of turning human remains into compost is growing in places like Colorado, Oregon, and Washington State—where the practice is legal.
Some families may not have to pay for funeral costs of any kind because they choose to donate the body to science. This can occur through agreements with local medical schools and research institutions, but it must be arranged in advance and typically takes months, not years, to return the cremated ashes to families. According to its website, Science Care offers free cremation for those who donate their bodies to science through its program. Biogift’s website also outlines its practice. While these options are free, they can be difficult to agree upon in the depths of grief. Therefore, it is best to discuss these options before the time when they are needed.
Source:
https://www.realsimple.com/work-life/money/money-planning/funeral-costs-how-to-plan
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