At MacMillan, we feel privileged to work with individuals who pride themselves on forging their own path. We have the opportunity to help some of the most ambitious people create their personalized estate plans, and we understand that clients who have pushed the bar of what’s possible throughout their lifetime aren’t ready to let anyone start making decisions for them now!
Preplanning a Funeral. Nearly 90% of people in developed nations believe talking to their loved one about their after-life wishes and priorities is important. Unfortunately, fewer than 15% of people are actually following through on having that necessary discussion. This is a problem because many less reputable funeral homes take advantage of grieving families and push them to plan extremely expensive and lavish funerals, even if that’s not what the deceased actually wanted. Your surviving loved ones can feel lost without your guidance. They won’t know what you want, but they’ll want to give you the best. Let your final gift to them be peace of mind and clear instructions.
Things to Consider. Funerals require many decisions and details. While you are still able, you should outline your preference for funeral home and cemetery — this is especially important if you’ve recently moved or most of your family lives elsewhere. Another big question is whether you want a traditional religious service, a more secular fairwell, or a casual get-together. Finally, you should clearly state if you prefer cremation or a burial, and you should offer guidance on which kind of urn or casket you’d like. If you’d like, you can also offer your preference for smaller details, like the type of flowers or the food you would like served.
Can You Prepay the Funeral? The average funeral costs just under $7500, but depending on your preferences, the costs may be much higher or far lower. It is your choice whether to prepay your funeral or not. If you do not choose to prepay your funeral, the costs will be billed to your estate directly. As your executor manages your estate, they will ensure that all debts, including the bill for your funeral costs, are paid before your beneficiaries will inherit any assets. So if you decide not to prepay the funeral, it’s important to make sure there is a enough liquid capital available to cover the costs of the funeral you’ve planned. If you prefer to prepay expenses up front, there are a couple options. You can pay the service provider by having the money for your funeral held in trust by your bank, a trust company, or an independent trustee. Alternatively, you can take out an insurance policy.
At MacMillan, we treat your estate plan as your life plan. It’s your time to think about your future, your retirement, and your legacy. Part of that plan will be imagining how you want your final goodbye to look. Our professional advisors are here to help.