Thinking about your mortality may be stressful, but funeral preplanning is an essential part of life. By making arrangements in advance, you will relieve a significant burden that loved ones would otherwise have to bear upon your passing. Below, an elder law attorney from Cecil & Cecil PA in High Point, NC, shares a few things you should know about final expense insurance and funeral preplanning.

A Guide to Funeral Preplanning From an Elder Law Attorney

Where to Start

Preplanning typically starts at the funeral home. Look for a local facility that offers assistance with making arrangements in advance, and then ask for a list of the various services they provide, as well as the corresponding fee structure. Once you know how much the funeral will cost, you can designate funds for it in your will, or you can purchase an insurance policy designed specifically for covering final expenses.

How to Save

Those who plan on paying for their arrangements out of pocket will have to set aside thousands of dollars. With final expense insurance, though, you only have to pay a small monthly premium for coverage that might range from $5,000 to $50,000. Much like a life insurance policy, the final expense policy requires a beneficiary who will receive the funds upon your passing. If there is any money left after paying for the funeral, it belongs to them.

Some people are not comfortable naming a beneficiary in their final expense policy because they think managing the financial aspects of the funeral will add to that person’s burden. In this scenario, the policyholders can simply eliminate the middleman by purchasing pre-need insurance and naming the funeral home as the beneficiary.

If you have questions regarding final expense insurance or the legal ramifications of making arrangements in advance, turn to the compassionate team at Cecil & Cecil PA. Based in High Point, they are proud to serve clients throughout North Carolina. You can learn more about the firm’s experience in elder law by visiting their website. To schedule an initial consultation with an attorney, call (336) 883-8383.