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Elder Planning Isn't Just For The Elderly

What should you know about funeral trusts?

On Behalf of | Dec 23, 2022 | Estate Planning

As you probably know, funerals can be shockingly expensive. Indeed, according to the World Population Review, the average funeral in New York currently costs almost $11,000. When you add in other end-of-life matters, you can expect to pay roughly $30,000 on your final expenses.

You do not want to force your loved ones to figure out how to pay for your funeral, especially when they are grieving your death. Therefore, you should think about using your estate plan to arrange for the payment of your final expenses. You even might want to join a funeral trust.

What is a funeral trust?

If you are in the middle of estate planning, you should realize that funeral trusts are different than most of the other types of trusts you are likely to encounter. Indeed, it may be useful to view a funeral trust as effectively a savings account for your end-of-life expenses.

With a funeral trust, you give money to a funeral home. The funeral home then holds your investment in trust until you die. When that happens, the funeral home uses disbursements from the trust to cover your funeral and other final costs.

What are the benefits of a funeral trust?

All funeral trusts work a bit differently, so you should discuss your questions and concerns both with the funeral home and your estate planning attorney.

Nevertheless, most funeral trusts allow individuals to lock in the price of their funerals. The funeral trust also should take care of most or even all of your final expenses, taking the burden off the shoulders of your loved ones.

Ultimately, if you are looking for an easy to way to take care of your final expenses, finding a reputable funeral trust might be the right approach.

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