Idaho Law Blog
By Lane V. Erickson, Idaho Estate Planning Attorney
When Christmas or birthdays roll around every year, we spend time thinking about the very best gifts that we can give to our family and loved ones. Sometimes we even think about the gifts that we are going to receive. We do this because these things are important to us. The purpose of this article is to talk about one of the very best gifts that you can actually give to your family and loved ones. This gift would be pre-planning and prepaying for your own funeral.
Why would pre planning and prepaying your own funeral be such a gift to your family? There are many reasons. Here are just a few.
Saving Money
Most people are interested in saving money. What they don’t know that is that if they pre-plan and prepay their funeral, they will likely be saving money. The reason for this is simple: things will cost more in 5, or 10 or 20 years than they cost right now. This is basic inflationary economics.
When you pre-plan and prepay your funeral, you’ve entered into a contract with either an insurance company or with an actual funeral home or both where the price of your funeral will be guaranteed and covered by the payment you have already made. In other words, since we are all going to pass away, you are investing right now for your inevitable death and you are saving money now that you would otherwise have to pay later.
Removing a Financial Burden
The second main reason that would be good for you to pre-plan your funeral is similar to the first because it has to do with money. The first however is saving you money. The second is that you are saving your family and loved ones from having a financial burden after you’ve passed away.
As I mentioned above, we are all going to die. It’s inevitable. When this happens, there will be an expense associated with our death including our funeral, and cremation and/or burial. This cannot be avoided. If you have prepaid and pre-planned your funeral then you are removing this financial burden from your family and loved ones by taking care of it yourself. This means that after you pass away, your family does not have to have the additional stress of trying to come up with the money to pay for your funeral or other expenses associated with your death.
Removing an Emotional Burden
The final main reason that pre-planning and prepaying your funeral is a good idea is that you are also removing an emotional burden from your family and loved ones. After a loved one passes away it’s very difficult to focus and spend time planning funeral services. Most families say they wish they had more time, so they could get themselves together emotionally and really think things through as they’re planning a funeral. However, most families don’t have the luxury of time in which to do this.
By having your own pre-planned and prepaid funeral you’ve already come up with a plan that suits you when it comes to your funeral services. In other words, your final wishes will be carried out because you’ve already taken care of what they will be. Most of my clients who do this find it very satisfying to know that their wishes will be carried out and that they will be removing this burden from their family and loved ones.
So, for the reasons set forth above, and many others that aren’t even listed, it’s a good idea for you to consider pre-planning and prepaying your own funeral. The benefits that will come to both you and to your family are well worth the effort.
ENLIST AN IDAHO ESTATE PLANNING ATTORNEY TO HELP YOU
If you have any questions about your estate or how to simplify your plans for your family and loved ones, we can help. Call us toll free at 877-232-6101 or 208-232-6101 for a free consultation with Lane Erickson and the Racine Olson team of Estate Planning attorneys in Pocatello. You can also email Lane Erickson directly at lane@racineolson.com. We will answer your questions and will help you solve your Pocatello Estate Planning problems. I have helped numerous clients create their own customized estate plans and I’m confident that I can help you too.