Nobody likes to contemplate their eventual demise. Thus, individuals typically will not take the time to pre-plan their funeral arrangements. When death is sudden and not due to an illness, the remaining loved ones are left scrambling to make the appropriate arrangements and foot the expenses. However, it does not have to be this way. Just as you would take out a life insurance policy for yourself, you should also consider pre-planning your funeral too. It may sound morbid, but it does end up being highly beneficial in the end. Below are a couple of reasons why you should plan your funeral arrangements.
Ensure your funeral will not be at risk of inflation
One thing that everyone can concur on is that the cost of living is on a perpetual rise. Funeral services are not exempt from fluctuating prices. Therefore, you should consider that planning your funeral now could end up being significantly cheaper when compared to it being planned in the future. When you start to pre-plan your funeral, you will be presented with specific costs that would help you budget for the funeral that you would like.
In addition to this, most funeral homes have payment plans that allow you to pay for your arrangements in instalments, rather than one lump sum. Thus, not only do you get the chance to pay for your funeral arrangements gradually, you can be assured that the price will not be inflated in future, no matter how many years down the line.
Keep your financial estate intact
Another reason why you should consider pre-planning your funeral arrangements is to make sure that your financial estate is not affected. You should bear in mind that once you pass away, the planning and the cost of your funeral would lie squarely on the shoulders of your loved ones. If they were not financially capable of handling these costs, they would have to dip into your financial estate to cover all expenses.
If this estate is being left for a college fund or as financial support for dependent children, depleting the money could adversely affect their quality of life. It would be wise to invest in a funeral bond, which would be for the sole purpose of meeting these expenses. Thus, you can be assured that your estate will go to its rightful heirs and beneficiaries, just as you intended. It also minimises the risk of any wrangles coming up within the family as you will have already made your wishes crystal clear.