July 26, 2011
There are many advantages of pre-paying your funeral before you pass away. The most obvious benefit is having the peace of mind knowing that your funeral and subsequent burial will happen exactly as you want it and that your family will not be burdened with additional expenses after you are gone.
But the Sacramento probate lawyers at The Chubb Law Firm also want to make readers aware of the disadvantages of pre-planning your funeral, as well as other options to help you retain control over your final wishes and still make things as easy as possible for your loved ones.
Let’s start with some of the disadvantages:
One option for making sure that your funeral costs are close to the amount that you want to spend is to give your family a strict budget for things like a casket, cremation, funeral services and burial. If you don’t want an excessive amount of money spent, be sure to let your family know this and set a concrete dollar amount to go by.
Another option is to set up a Payable on Death account, also known as Totten Trust, and set money aside for your funeral expenses so that the money does not have to come out of your estate.
Need help with your estate planning? Call the Gold River estate planning attorneys at The Chubb Law Firm and ask about our free Peace of Mind Planning Sessions ($750 value) and how we can help with your trust administration or probate needs. Simply call (916) 241-9661 to get started.