Funerals are not exactly at the top of everyone's priority list for planning. Which is exactly why it makes sense to plan ahead. According to Smart Money, consumers rarely plan for funerals ahead of time. This ends up leaving grieving families ill informed to make smart financial decisions. Families are also less likely to bargain. While you may have written a will, it may be wise to ask a NY estate attorney about how to plan for your funeral the smart way.
Typically, when family and friends are going through a loss, it comes with a lot of decision making and big purchases. Making such decisions while you are emotionally vulnerable can mean that you ultimately overpay for funeral services. Joshua Slocum, the executive director for the Funeral Consumers Alliance told Smart Money: "
Death takes you by surprise. Most of us, to our own detriment, don't plan for it."
Here is a primer of things you should know while planning a funeral:
- Know Your Rights: There are few funeral expenses that are required by law. A good place to know what your rights are is starting with the FTC's Funeral Rule.
- Plan Ahead: Talk to your loved ones about your preferences when it comes to the funeral. This may help set goals and expectations.
- Don't Get A Prepaid Funeral Plan: As we wrote about before on this blog, these plans are typically not a fiscally smart way to plan ahead.
- Make Sure You Shop Around: You can compare prices between funeral homes, shop around for caskets, or even consider buying a pre-owned plot.
While the task may seem daunting, planning ahead for a funeral pays off. For more general information, please visit our Related Resources links.
- Prepaid Funeral Arrangements May Be An Unwise Plan (FindLaw's New York Estate Planning News Blog)
- Talk To A NY Estate Attorney (FindLaw)
- The Perils of Funeral Prepayment Plans (FindLaw)