How do you plan to pay for your funeral?

On Behalf of | May 6, 2022 | Estate Planning

The average cost for a funeral in Jacksonville, Florida is around $6,870 and may cost more depending on a few factors including desired services, hand-picked caskets and if the cemetery requires a cement vault in the plot.

While estate planning tends to focus on what you intend to pass down to your loved ones, it also involves paying for services like a visitation and funeral after you die. In this way, you may also pass on some peace of mind to your living loved ones as that cost is a lot to handle for people in the midst of grief.

Savings accounts

The first way to pay off your funeral is to have the money set aside. While this allows you to build up a fund, the money is still at your disposal in case of an emergency. However, having a certain amount of money in your assets may complicate applying for things like Medicaid.

Funeral trusts

As FuneralWise details, funeral trusts are agreements where the funeral home you choose becomes the beneficiary of any money you save. Depending on the agreement, any excess money left over may go to the funeral home or to your family.

There are other options such as payable on death accounts that keep control in your hands and transfer that control to a beneficiary after your death. Funeral insurance is another agreement that may help.

With all these options, there are contracts and caveats involved when making your long-term estate plans. It is important to review each one for its pros and cons and lean on your legal resources to make sure any contract conveys your wishes clearly.