Five reasons planning your funeral today is a smart financial move

Five reasons planning your funeral today is a smart financial move 

Like writing your will, establishing a trust, or updating your estate details, planning and purchasing your arrangements in advance is an important part of your financial security. 


When someone dies, the surviving family is faced with the stress of making many decisions and plans, interpreting what their loved one would have wanted, plus is faced with the added financial pressure of pulling it off. No matter your age or health, it is never too early or late to establish your plans and save your family and your estate the burden of paying for the arrangements.

How much will my funeral cost? 

On average in the United States, the median cost for a funeral with a viewing and burial was $7,640 in 2019, according to the National Funeral Directors Association. But, expenses vary widely depending on the arrangements. This illustrates how important it is to financially plan for this expenditure no matter your financial position. The unfortunate reality is that this expense often falls to the surviving family, not you or your estate.

1. Funeral costs are rising — and will continue to rise

It is expected that funeral prices will rise by 40% or more when factoring in service price increases and inflation. That means even if you think that your financial situation would allow your family to pay the $7,640 out of your estate, the figure today is not the figure tomorrow. When you plan and purchase your funeral in advance through Everdays, or buy through a funeral home for that matter, you are essentially contracting with the funeral home to give your family those services at today’s costs and rates. This can save you the cost of service price increases and inflation. 

2. Close the gap between your passing and when your estate would pay out 

It is fairly common for arrangements to be specified in a will and funds earmarked or designated for the memorial or funeral. What is less understood, though, is the estate can take weeks or months to pay out to your family. Life insurance can take up to 60 days to receive proceeds. Even if you have a more straightforward financial situation, with funds in a checking or savings account to cover the funeral, your family will need to contact the bank to get access to your account which often requires a death certificate and obituary, which itself takes the funeral home to prepare (who your family will need to pay). 

This leaves your family in the precarious position of paying out of pocket for your services and hoping the estate is settled when they need the money again to cover their own expenses. This adds a lot of stress. There are services that will provide cash advances, but they come with their own set of terms and conditions for the borrower (in this case, a member of your surviving family).  By purchasing your funeral in advance, you save your family this financial strain. 

3. Clarify your wishes to keep the budget in check 

Setting your wishes or intentions upfront provides your family with the certainty that they are honoring you in a way you would have wanted, without adding additional costs while they’re in a time of grief and mourning. It frees them up to focus on grieving instead of wondering if you would have wanted added expenses like extra flowers or the more extravagant urn and so on. Like any good household budget, having a number in mind gives everyone a target and can reduce the amount of added expenses. 

4. Qualify for Medicaid 

When you buy a funeral for yourself or your spouse, the funds you set aside in an irrevocable trust are excluded from your net assets for Medicaid eligibility purposes. This reduces your countable assets and can help you qualify for Medicaid and the care you or a loved one may need. Keep in mind, Medicaid rules and requirements vary by state.  

5. Protect against the unexpected 

For the same reason you may purchase term life insurance to guard against the unexpected event you pass away unexpectedly, making your final arrangements is an equally important way to prepare and make sure your family is protected. One of the greatest comforts of purchasing your own services is knowing that your family will be cared for even in the event of your passing happening unexpectedly.

Whether you’re ready to pay for your arrangements outright, or want to buy insurance with low monthly payments, your family is immediately protected from the unforeseen financial burden that so often occurs when having to arrange a funeral in the difficult days after the loss of a loved one.

Planning and purchasing your funeral today is easy with Everdays

No matter your reason, buying your funeral or memorial in advance is a smart financial move. When you plan in advance, your family will have all the details and funds they need to honor your wishes in the way you would have wanted. It is easy to plan with Everdays. Answer a few simple questions about yourself and what you’d want, and we’ll match you to the funeral, memorial, or gathering that is right for you. Then, after you purchase your funeral or opt for an insurance plan, you can download or share all your plans with your family, all on Everdays. 

To get started, discover what’s right for you. 

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