How To Pre-Plan Your Funeral

Eldercare, Funeral Pre-Planning

Below is a short guide for your pre planned funeral.

Death is a thing that few of us want to think about.

We live our lives, trying to be ignorant that there are only two certainties in life, birth and death. Yet life doesn’t let us get away with just that.

With every death there is some kind of funeral, usually a public event to commemorate the loss of an individual.

A funeral requires a great deal of preparation, and it is very important that you let everyone know what your wishes are.

Because death is a topic few people like to discuss, the deceased wishes are sometimes unknown at the time of the ceremony.

Don’t let this happen to you. Now is the time to pre-plan your funeral.

Whether your 81 or 18, take the time to write out what you want your funeral to be like. From cremation to burial, types of services to even the flowers on display, there are an incredible number of details to be worked out.

The following pre planned funeral guide will help you through the process.

Taking a Look at What You May Have Already Planned

For many people, there are already plans in the works.

Have you made past funeral plans? Take a look through your documents.

If you do stumble on an earlier plan, be sure to occasionally update it as your own interests and views change. In addition, many people work out a plan with their spouse.

If your funeral preference changes from your spouse as you age, then you will have to come to some kind of agreement.

Finally, some people already have a family plot to which they belong.

Though having a family plot removes many of the challenges associated with planning your own funeral, be sure that a family plot is what you really want.

Pre Planned Funeral Guide

Cremation or Burial

If you are free to decide what you want for your funeral, then the biggest decision is cremation verses burial.

For many, burial is tied to religious devotion and a firm understanding in an afterlife.

Such religious rules dictate either cremation or burial. In addition, many people feel as they develop a sense of spirituality, that their choice for cremation or burial changes.

Regardless of your choice, think hard about it. Each has their own benefits and disadvantages.

Cremation

Cremation is generally considered less expensive than a burial.

This is because many people who are cremated have their remains spread instead of being buried in a location. This saves on burial costs. However, not having a definitive grave makes it difficult for some people who are morning the dead.

Burial

Burial on the other hand is more traditional in the United States, and often incurs numerous expenses.

Purchasing the space for the grave is one cost that has to be considered. In addition, the gravestone will also cost money, as well as any additional detailing work.

All of this has to be taken into consideration when reviewing the practicality of a burial.

Settling on a Location

Our lives are defined in part by the spaces we inhabit.

Whether the spaces are shared by friends, family, or alone, choosing the right location for you is crucial for having peace of mind.

For people wanting their ashes to be spread, this means having your family or friends agree to spread your ashes where you wish.

For burial, this means finding a cemetery in a place that appeals to you.

Take stock of what truly matters, and try to find a location that reflects your own personal interest. In addition, visit the location.

Take time out to see what it is like. Tour the cemetery during special events and on average days to see how well it is taken care of.

The Ceremony

Once the burial type and location are chosen, the last thing to do is to plan the ceremony.

Each and every one of us have an idea of what we would want our funeral to be like, and we have the right to decide.

Create List of Guests

Creating a guest list is central to planning a funeral.

As funerals are seen as a way to come to terms with a death and grieve, it is important to invite all those who would be affected by your death.

Give them the opportunity to say good-bye to you as you both move on.

Choose Someone You Know Will Carry Out Your Wishes

Having the right person carry out your funeral wishes can make all the difference in the world.

Choose someone you know will carry on the spirit of your request.

Finalize the Look and Feel

The last thing to do is to settle on the details.

This includes what the burial ceremony will be like as well as every other part of the funeral.

From flower arrangements to food, spell out your plans.

Though planning ones funeral can be sad, it is also a great way to reflect on life and the possibility it offers.

As you make your funeral arrangements, take time to be true to what you want, and make it a reality.

What Is Permanent Life Insurance

Funeral Pre-Planning, Insurance

Permanent life insurance can be a great way to ensure that your beneficiaries do not have to pay for extra costs once you have passed away.

In comparison to term life insurance plans, a permanent life insurance policy may enable your beneficiaries to receive more money than you put into the policy, the premiums may be lower if the policy was purchased earlier in life versus buying a new term life insurance policy, and you have access to your Cash Value if needed.

This type of insurance is the longest lasting as it covers you for the entirety of your life without having to worry about an expiration date. This helps to ensure that your family receives money when you die, regardless of when it is.

The Basics of Permanent Life Insurance

Similar to term insurance, your beneficiaries or family members will receive a set amount of money when you die, this is referred to as a death benefit.

Permanent insurance companies also generally provide a cash value that will increase over the years that allows you to invest in it or borrow against it.

The only detriment is that if you take a loan out of your permanent life insurance, it will increase your interest rate and reduce the amount of money that your beneficiaries or family members will receive once you pass away.

Though, these loans are completely tax-free, allowing you to withdraw as much money as you want without being penalized during tax season.

Cashing Out Your Permanent Policy

Another option for individuals who purchase a permanent life insurance policy, like a Whole Life or Universal Life insurance, is “cashing it out” which is another way of saying withdrawing the cash value out of the policy and terminating it.

Permanent policies such as Whole Life and Universal Life have a special feature called Cash Value. When you pay your premium there are 3 different areas your money goes:

  1. Part of the money goes towards paying for the actual life insurance
  2. Part of the money goes towards paying policy fees
  3. Part of the money goes into a special account where the cash inside can earn interest and dividends.

The fees are greatest in the first few years of a policy so the cash value starts accumulating very slowly in the beginning.

After a few years, however, your money inside the Cash Value is greater than the total amount of money you’ve paid into the policy.

To see exactly how much money you currently have in your permanent life insurance policy or to see the projected growth of your Cash Value, refer to your annual renewal documents. Every year on your policy’s anniversary, each life insurance company is required to send you a report on how your policy has been performing.

If needed, this money can help to provide you with financial assistance in the event of an emergency without having to speak with a third-party (for example a bank) in regards to borrowing a loan.

The Premiums of a Permanent Policy

Much like term life insurance policies, you will be required to pay a premium on your permanent policy.

In comparison to term life insurance, permanent insurance policies have higher premiums initially. In the long-run, however, they are typically less expensive.

The cost of a term life insurance policy late in life (70-85), when coverage is needed most, is unaffordable to most people, if coverage can be obtained at all. If you develop any health conditions, depending on the condition the policy can either be Rated, meaning you will be charged extra, or coverage may be unavailable to you.

When comparing the 2 different policies; term vs. permanent, calculate the total cost over 20 years for the term policy. How much money will you have paid into the policy over the entire 20 years.

Actual Example taken directly from actual life insurance quotes I received. This is for a 50 Year old Male, Rated Standard Non-Tobacco.

i.e. $100,000 TERM LIFE INSURANCE: The policy premium is $60 per month x 12 months x 20 years = $14,400 total paid into policy

Next, calculate the total cost over 20 years for the permanent. THEN subtract the amount of Cash Value you have inside of the permanent policy.

i.e. $100,000 PERMANENT WHOLE LIFE INSURANCE: The policy premium is $200 per month x 12 months x 20 years = $48,000 minus Cash Value of $44,000 = $4,000

Which option would you prefer?

 

How To Name Executor Of Your Will

Eldercare, Funeral Pre-Planning, Wills

Once you die, there will be a person who is responsible for overseeing your estate and ensuring that your property and belongings are distributed to your beneficiaries according to your wishes outlined in your will.

This person is known as an executor of your will or a personal representative of your will. They are also responsible for paying any outstanding debt or taxes in regards to your estate.

Depending on how complex your estate is, the job of your executor may be brief but in some circumstances, it can be a lengthy process.

Why You Should Choose an Executor

In the event of your death, it would be a stressful and detrimental decision to release your estate to the courts and provide them with the opportunity to delegate your estate and your belongings.

This is due to the fact that your final wishes may not include your closest living relative.

With the help of an executor, you will be able to choose who you want to receive specific parts of your property and your estate.

Plus, an executor can be a useful person to ensure that all of your final wishes are followed.

One of the main reasons as to why an individual will want to choose an executor is if they have children or special belongings that they have promised to specific people in their family.

The executor helps to ensure that the children are raised by the appropriate guardian and that your belongings are received by the correct party.

How to Choose an Executor

There are many factors that you will want to take into consideration when you are naming an executor.

You will want to choose someone who is close to you and that you know extremely well. It is imperative that you have the utmost amount of trust in them to ensure that they sufficiently carry out your wishes.

It is also important that you choose a knowledgeable and fair individual so that they can fight for specific components of your will, if necessary.

Choosing a Successor Executor

This is essentially your backup Executor. Considering that once you die, you won’t be able to ensure that all of your affairs are taken care of and that you have a plan B in place, it is advised that you consider naming a successor executor.

These individuals are also known as successor representatives.

If your first executor is unable to ensure that your wishes are followed for whatever reason, the successor executor will take control of the process.

When you are looking to choose a successor executor, ensure that they are as reliable and trustworthy as your first executor.

Learn more about how to create your Will in 3 easy steps…

How To Name Beneficiaries And Inheritors In Your Will

Eldercare, Funeral Pre-Planning, Wills

When you are interested in drafting a will, you will be required to give your property and assets to any individual of your choosing. The person that you leave your property and assets to is known as a beneficiary and it’s vital to name beneficiaries and inheritors in your will.

There are an ample amount of people that you can choose, whether it be a family member, friend, or even an organization.

The only person that you won’t be able to name as a beneficiary is the person who witnesses the signing of your will.

Choosing Multiple Beneficiaries

You have the opportunity to choose multiple beneficiaries when you are creating your will. When you determine who will be receiving what, there are specific factors that you will have to take into consideration, including:

  1. Are your assets distributed equally or unequally amongst your beneficiaries?
  2. Do certain pieces of land go to certain beneficiaries?
  3. Will your estate be divided amongst a specific group of people and who will it be distributed to?
  4. Do you want your assets and property sold and the profits are to be distributed amongst your beneficiaries?

It is important to consider the amount of assets that you will be distributing and how they will be distributed amongst all of your beneficiaries to ensure that everyone receives a certain amount of something.

It is also important to think about the assets that you are distributing and how they can be resolved.

As an example, if you leave a specific piece of your estate to each of your three children, how will they come to a consensus to either keep or sell the house?

If you find that this process is too overwhelming, seeking the help of an attorney will ensure that you accurately divide your estate and assets.

Children and Pets as Beneficiaries

It is common practice for parents to name their children as beneficiaries in their will and since they are under the age of 18, they will not receive any direct assets until they reach the age of majority.

Putting assets aside for your children who are minors is known as starting a trust and it will be managed by a trustee that you will have to name. The trustee could be the guardian of the children or the guardian of your estate.

Another common question is whether you can name pets as beneficiaries.

You can’t leave your assets to an animal, but you can designate a portion of assets towards the care of your pets.

In this case you will need to name someone to be the caregiver of your animals and the money will be given to the caregiver.

Learn more about how to create your Will in 3 easy steps…

What Are Inheritance Rights And Which States Use Them

Eldercare, Funeral Pre-Planning, Power of Attorney, Wills

What are Inheritance rights?

Much like their name explains, they are rights that are given to individuals who have a claim on your property after your death.

In some circumstances, inheritance rights have been known to override arrangements that were previously made in a will.

Although you can leave you property to anyone that you want, there are limitations that you have to consider, especially pertaining to your spouse.

Community Property States

In the United States, there are states that are known as Community Property states.

These areas require that once a spouse dies, their surviving spouse receives half of all of their earnings made during the marriage and any property that was bought with the earnings.

These are the 10 States that abide by these guidelines:

  1. Arizona
  2. California
  3. Idaho
  4. Louisiana
  5. Nevada
  6. New Mexico
  7. Texas
  8. Washington
  9. Wisconsin
  10. Alaska

Even though you have the right to draft a will that gives your spouse half of your earnings, your spouse can contest the will and say that they want to receive the full amount. With that being said, the majority of these states would award your spouse their 50%.

In all of the other states, the surviving spouse is entitled to one third of the earnings and property. If you negate them this option, they can also contest the will in court and explain that they wish to be awarded their specified amount.

Children and Grandchildren Inheritances

Without specification, children and grandchildren do not have the legal obligation to inherit the property of their deceased grandparents or parents.

This means that if they are not included in the will, they will not be able to contest the will in a court setting.

If children are accidentally excluded, the majority of states will allow the children to contest the will in court. This generally applies to situations where a parent or grandparent drafted a will based on their previous children but had since given birth and died shortly afterwards.

In the event of this circumstance, the majority of courts would provide the new children with the opportunity to acquire a small amount of assets.

Ex-Spouses and Inheritances

In the majority of situations, ex-spouses do not have legal rights in regards to your property.

If you and your spouse go through a divorce, it is advised that you draft a new will that revokes the ex-spouse from receiving anything that you do not want them to have.

Learn how to write a Will in 3 easy steps