Some end-of-life cost add-ons to consider are legal and administrative fees, outstanding debts, final bills, and travel-related costs.
The median cost of a funeral with a burial and a viewing, according to CNBC, is $8,300. If you get cremated instead, it's only slightly less expensive at $6,300. As you can see, it can be quite expensive to set up a funeral and end-of-life planning.
Not many people think about their final expense planning, and their families end up suffering as a result. Do you want to leave a financial burden upon your family when they are already going to be dealing with grieving your loss?
Spending a little time on financial planning for end of life now can save your loved ones a lot of mental, financial, and emotional work down the road.
Legal and Administrative Fees
We have already discussed the funeral and burial costs, or cremation costs, but there are also additional legal and administrative fees that have to be paid once a person passes away.
The legal fees have to be with probate and any estate that the individual might have held during their life, which presumably they would want to pass on to their loved ones and other beneficiaries, like charities and other organizations.
All of this has to be set up by a lawyer before the person's death through:
- Wills
- Powers of attorney
- Other estate tax documents
However, once the person passes on, the lawyers must ensure the estate passes through to the beneficiaries legally.
Working with a trusted legal professional in advance can help streamline these processes and reduce complications for loved ones later on.
Outstanding Debts and Final Bills
Hopefully, you don't leave your family with too much outstanding debt, but sometimes, people die in unexpected ways at unexpected times, resulting in plans not coming to pass. These debts and other final bills have to be paid off once a person passes away, even if they aren't around anymore.
Families may also need to cover final costs such as:
- Property maintenance
- Insurance payments
- Taxes
Taking inventory of these obligations ahead of time can help ensure that they are managed appropriately.
Travel and Family-Related Costs
If the person had a desire to be buried in the family plot that's in another state or country, then there will be travel costs relating to that. Additionally, family will travel from all over the world to be at the funeral or cremation, and that is an additional cost that has to be accounted for.
As you can see, the costs can really add up, and therefore, having some kind of assistance with the costs for loved ones helps a lot. That's where the Funeral Advantage program comes in. Learn more about the Funeral Advantage program here, where you can get up to $35,000 for your loved ones for funeral and other related costs.
End-of-Life Cost Can Add Up Really Fast
It's hard to think about funerals and estates when you are alive and well now. However, if you don't want your family to worry about end-of-life cost considerations related to your funeral, burial, legal fees, and more, then setting things up beforehand is key.
Please browse through related articles to keep learning.
This article was prepared by an independent contributor and helps us continue to deliver quality news and information.
