Ask Terry Questions Pay for funeral in advance

Pay for funeral in advance

By Terry Savage on December 17, 2023 | Financial Planning / Retirement

I have my cemetery plot and charges paid for and will be buried next to my husband Should I pay for my funeral arrangements now ?? I am 63 years old and the only expense I have is a small mortgage on my home. I really don’t know what I should do. Thank you very much

Terry Says

I think it’s a good idea to have your cemetery deed and funeral plans made in advance. But I have never been in favor of PAYING for the funeral in advance. Why give the money to a company –not a bank — that might not even be around when the time comes?

There might be some considerations here, if you are incapacitated, and need to go on Medicaid in a nursing home. A funeral plan would be exempt from the assets that count toward Medicaid.

Use the money to update your will and estate plan. Do you have children you trust to plan your funeral? Will they do it according to your instructions? That might give you peace of mind. But remember, you won’t be around to see it!



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