Ask Terry Questions Funeral expenses

Funeral expenses

By Terry Savage on January 29, 2024 | Financial Planning / Retirement

I am thinking of pre – paying for funeral expenses and picking out everything for when I pass. Is this a good idea? Are there pros and cons that I should consider? I no longer have life insurance but a substantial IRA that my oldest son is able to request funds when needed. He and his brother are both the benificiaries on the account . I want to make things easier for them when the time comes.
Thank you in advance.

Terry Says

I’m not quite sure how to advise. You should certainly prepay for a cemetary plot, maybe a larger one that could include them and their families. But pre-paid funerals can cause problems if the Funeral home does not accept the plan, or if they say prices have risen. Yes, it cost more to die, as well as to live!
You might leave instructions along with the cemetery deed (and let them know where it is) and let them make the final decisions.
By the way, download my Personal Financial Inventory but clicking this link.

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