Just as with trusts designed to preserve your wealth and property to pass on to your loved ones, there are a lot of options when it comes to paying for your own funeral. While it might be easy to pass that particular expense onto your living loved ones—after all, you will not be around—having it covered is just one more way to smooth the process of your passing.
If you have an elderly loved one in their twilight years, this information is likewise useful. Even if you expect a death, preparing for it may help alleviate financial pressures around a grief-stricken moment.
According to the National Funeral Directors Association, the median cost of a funeral in the West South Central region of the US hovers between $6,406 and $7,334. This cost varies depending on whether you choose a burial service or cremation, opt for am embalming for an open casket or other costs like when a cemetery requires a vault in their burial plots.
Each option for funeral payments has its strengths and weaknesses. Revocable trusts with a funeral home allow you access to that money but are also subject to Medicaid seizures. Irrevocable trusts are the opposite, in that you have much less control over that money. Funeral insurance often requires smaller, monthly payments but may run you more than the cost of a funeral given enough time.
When making this decision, for you or for a loved one, the most important thing is communication with your family and any resources you lean on during this process.