Make Handling the Costs of a Funeral Easier
Death is never a pleasant topic. However, it is a part of life. That is why properly planning your funeral can save your family even more heartache and stress. There are some things you can do to make handling the costs of a funeral easier for your family.
Get Life Insurance
Many people think that life insurance is a waste of money but that’s not the case. Good life insurance policies provide a lump sum of funds to the beneficiary you decide when you pass. These funds can help your beneficiary deal with funeral costs, as well as manage any other financial obligations they need to.
Consider a Payable-On-Death (POD) Account
A POD is a special type of bank account that can provide the account owners the opportunity to put funds aside specifically for when they die for costs like the funeral. You would decide who would be able to claim the funds and once they provide a death certificate, they would get the money on the spot.
Use Your Savings Account
Another traditional option is to save for your funeral costs yourself. You can put the funds aside in your savings account. These funds will need to go through probate which means it can be a delay before your family gets the payout. If you want someone to have faster access you could have a joint savings account. However, a joint account has some risks that come along with it while you are alive.
See if You Can Use Veterans Benefits
If you are a veteran, you have the right to be buried in a national cemetery for no charge. The gravesite and marker would be free. However, since this is a free option, space is limited. You will want to get a predetermination of burial eligibility as soon as possible. While this wouldn’t cover the costs completely, it can help reduce the financial responsibility.