Death, like taxes, is inevitable for us all. While some prefer not to think about death, many people prefer to be completely in charge and prepared for the end of their life. Burial fees can be expensive, depending on many options and choices available. All too often, family members are left to make decisions and in their grief-stricken state, may make expensive decisions quickly before researching all the options.
If you chose to plan for your own funeral and burial, setting up a burial fund is one of the first things you should do. Here are some ways to handle the costs.
Set up a simple bank account designated for burial costs. This is one of the most simple ways to fund burial expenses. Generally, designated burial funds are not considered resources for Supplemental Security Income (SSI), although it’s always a good idea to consult a professional advisor.
Work with a funeral home to preplan and prepay your funeral. Most funeral homes will allow you to work with them to preplan your funeral arrangements and pay for some, or all of the expenses even years in advance. Make sure you get all the details up front, and have a trusted family member involved so they will know who to contact when the time comes.
Work with a financial advisor to set up a small life insurance policy designated as a burial fund. These types of policies are set up for the sole purpose of providing funds for the funeral and burial expenses. The beneficiary of the policy is a designated funeral home.
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