Three Financial Factors To Think Of When Planning For Cremation In Advance
Posted on: 10 June 2016
You can plan for your own cremation and memorial service decades in advance, an option many Americans choose to help them stay in control of the process and make it easier on the surviving family. One common aspect of planning for your own cremation involves making sure to designate financial resources to cover the funeral expenses, often by purchasing a designated insurance policy. Here are three financial factors to consider during this planning stage.
1. Memorial expenses
If you want to have your ashes scattered in a public place rather than having a permanent memorial, the costs may be practically nil (although you'll need to check not only state regulations but also the local regulations; for example, in California the state regulations specify that you can scatter in any place that doesn't have local restrictions). But if you want to have your ashes scattered from the air, in space, at sea, or in some other unique way, costs rise dramatically. And if you do want any type of permanent memorial such as an urn, a headstone at a cemetery, or some other permanent fixture, you'll need to factor those costs in as well.
2. Travel expenses
If you want to have your entire family attend your memorial service, you may have to consider travel costs in advance. You may already have relatives living on the other side of the country or even the other side of the world. And as your life (and theirs) goes by, your family may spread out even more. If your family isn't geographically close, cremation is a good option because it means the memorial service doesn't have to be scheduled quite as soon, so your siblings and children may have enough notice to be able to take time off from work for it. However, long-distance plane tickets bought on short notice can still be prohibitively expensive and including some money in your dedicated insurance policy for funeral-related travel expenses can make it considerably easier for your family to come together for your memorial without being late on their mortgage payments.
3. Potential inflation of prices
Since you're planning your memorial service so far in advance, inflation could cause a significant increase in the prices of cremation, memorial urns, and so on during the intervening years. For this reason, it's a good idea to include enough leeway to allow for projected inflation rates over the next several decades or so. Another option may be to find a funeral home that will allow you to pay in advance and lock in the price so you don't have to worry about inflation. These three considerations can all affect the amount of money needed to plan for a successful memorial service. Be sure to plan each factor into your dedicated investments or insurance plan so that your family will be able to memorialize you without jeopardizing their own financial stability. Contact a company that offers cremation services for more information.
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