Archive for the ‘Estate Planning’ Category

« Older Entries
Newer Entries »

Choosing a Cemetery Plot: A Checklist

Tuesday, May 8th, 2012

Choosing a Cemetery Plot: A ChecklistOne of the most important decisions you’ll make while funeral planning is which cemetery plot to choose. Although it is possible to move buried or cremated remains after they have been interred, it is a very expensive and lengthy process. The final resting place you select should reflect the ideal location for this and future generations.

That’s why it’s important to take some time to explore your options and make the right choice for your family. And here are a few things to consider throughout the process.

(more…)

Writing a Letter of Last Instructions

Monday, April 30th, 2012

Writing a Letter of Last InstructionsThere are many different types of official arrangements for funeral planning and other end-of-life issues. From wills and living trusts to funeral insurance, the right amount of preparation can leave a clear and easy path for the loved ones you leave behind.

Of course, not everything is always so formal. For many people, a discussion about burial wishes or resuscitation orders is enough. These require a lot less planning and legal work, leaving you to enjoy life while you still have it.

(more…)

Writing an Ethical Will

Friday, April 27th, 2012

Writing an Ethical WillEthical wills are one of the oldest funeral planning tools in existence—even though they have a lot less to do with funerals and a lot more to do with leaving a legacy behind. Historically popular in the Jewish culture as a way to pass ethical values from one generation to the next, ethical wills are now being adopted by a large percentage of the population, across generations and religions. In fact, the American Bar Association recommends writing an ethical will as an addendum to traditional estate planning.

(more…)

Women and Funeral Planning

Friday, April 6th, 2012

Women and Funeral PlanningWhen it comes to traditional financial planning, the majority of long-term fiscal decisions are made by men. For years, financial professionals have been trying to create specialized programs that focus on women and how they can plan for retirement or life after the loss of a spouse.

Funeral planning, on the other hand, is a process that has long been dominated by women. In fact, an estimated two-thirds of funerals are planned and paid for by women—usually because a wife outlives her husband, and is called upon to determine how to best lay her spouse to rest. Adult female children are also the ones most likely to act as caretakers for their aging parents, so the task of funeral planning often falls to them.

(more…)

Why You Should Pre-Plan Your Funeral if You Want to Be Cremated

Wednesday, March 28th, 2012

Why You Should Pre-Plan Your Funeral if You Want to Be CrematedFuneral planning is one of the most personal and difficult things that anyone undertakes. It doesn’t matter whether it’s the funeral of a parent, a child, a brother, or a spouse—making the decisions that will lay your loved one to rest for all of eternity is something no one can be prepared to face.

Funeral traditions, those often somber practices that include ornate caskets, reverent music, and religious eulogies, exist to help those decisions become easier to make. There is a small measure of comfort to be derived from knowing that your loved one is following the same path that millions of people have traversed before.

(more…)

Obituaries and Identity Theft

Wednesday, February 29th, 2012

Obituaries and Identity TheftFor most people, obituaries are a way to pay a tribute to a loved one and to advertise the time and place of a memorial service. Great time and care is taken to write the obituary in a way that honors the deceased, and a picture is lovingly selected to go along with it.

Unfortunately, not even death keeps predators away. The recently deceased are a target for identity theft, and one way in which people gather information on their victims is to search the obituary page for leads. The damages caused by this kind of crime can be catastrophic—especially for the grieving family. For example, if the spouse or partner of the deceased is still living, he or she may be held financially liable for the theft of monies or credit. It can also be a huge hassle to go through the police and credit agencies to prove that a theft occurred.

(more…)

What to Do if You Can’t Afford a Funeral

Wednesday, February 22nd, 2012

What to Do if You Can’t Afford a FuneralFor all the benefits of advance funeral planning, burial insurance, and the affordability of options like direct cremation, death is still a very costly affair. In fact, for some families, it’s too costly—and that’s when funeral planning can become a real problem. Although it isn’t something people like to think about (either in relation to their own life or in others), there are occasions in which it simply isn’t possible to pay for a funeral.

While this situation isn’t ideal, it doesn’t mean that you don’t have options. Government and church organizations exist to provide support, and you may be able to find a financing option that suits your lifestyle. If you are getting ready to plan a funeral and don’t have the available funds to cover it all, here are a few of the choices you face:

(more…)

What is the Difference between Burial Insurance and Funeral Insurance?

Wednesday, February 8th, 2012

What is the Difference between Burial Insurance and Funeral Insurance?When it comes time to start advance planning a funeral, you’ll find that there are several options open to you. In addition to purchasing a plot or pre-paying for services, you can also choose to buy a funeral insurance policy. Like life insurance, this policy is paid out at the time of death—though usually in a matter of days rather than months, which helps you to cover the immediate costs of the funeral.

Burial insurance might be another term thrown around as you decide which type of pre-payment plan is right for you. This option sounds more specific than funeral insurance, in that it might be earmarked just for the burial process, but the truth is that both types of insurance are the same. They are flexible and affordable options designed to help cover the costs of interment (either burial or cremation, as the case may be).

(more…)

When Should You Start Funeral Planning?

Friday, September 9th, 2011

When Should You Start Funeral Planning?Because death can happen at any time, there is no “right” age at which to start funeral planning. Some people like to take care of their estate planning soon after they have children, and funeral planning is a big portion of that. Others wait until their retirement years or after a long-term diagnosis has been made. Still others don’t make any funeral plans at all, and it is up to their families to coordinate all the details.

While all of these are acceptable outcomes, most funeral homes recommend that you start funeral before you reach retirement age—ideally when you are doing the rest of your long-term financial planning. It is much easier to set aside funds for burial while you are organizing your finances for retirement rather than waiting until you might have to stretch your dollars or face mounting funeral costs.

(more…)

Standard Life Insurance vs. Preneed Funeral Insurance

Monday, August 1st, 2011

Standard Life Insurance vs. Preneed Funeral InsuranceWhen it comes to advance funeral planning options, one of the most common choices is funeral insurance. Like a life insurance policy, funeral insurance allows you to pay premiums during your lifetime with the promise of a payout upon death. Your beneficiary is then able to use those funds to finance your funeral, so that the financial burden is not placed directly onto your family’s shoulders.

How are They Different?

At its most basic core, traditional life insurance is intended to support life. Ranging in amount from a few thousand dollars to millions of dollars, these are flexible financial arrangements that allow you to put a “safety net”under your family. It doesn’t matter whether you’re 25, 45, or 65, life insurance is meant to provide financial support to your loved ones in the event of your untimely death. That is, your family gets the money they need to pay for the mortgage, college, and even daily life as they struggle through a sudden loss.

(more…)

« Older Entries
Newer Entries »