Even if you have never planned one yourself, you probably understand that putting together a funeral can be a time-consuming and expensive proposition. Indeed, according to the Zebra, Californians spend an average of almost $7,300 for funerals that include burials.
If you do not want to burden your loved ones financially when they are grieving your death, you might want to explore your options for paying your final expenses. A funeral trust is a common one.
A financial arrangement
You might have some clear-cut ideas about how you want your funeral to unfold. If so, it might be wise to meet with a funeral director. After your find the right service, you should ask whether the funeral home has a trust.
With a funeral trust, which the funeral home administers, you place assets into a pooled trust. When you die, the funeral home uses the trust to pay for your final expenses. This can be comforting for your loved ones, as they do not have to figure out how to fund your funeral and other end-of-life costs.
While each funeral trust operates a bit differently, most trusts cover virtually all funeral-related expenses. Indeed, your trust may pay for one or more of the following:
- Your casket, burial plot, vault or urn
- Embalming or cremation
- The officiant and venue
- Your attire and flowers
- Your obituary and death certificate expenses
Because the funeral home administers the funeral trust, you must be certain to find a funeral home that is responsible. That is, you do not want to use a funeral home that is likely to squander the trust or your investment. You also should look for a funeral home that can pull off the sort of funeral you want.
Ultimately, though, if taking care of your end-of-life expenses is important to you, it is probably a good idea to consider participating in a funeral trust.