The thought that one day in the future will be our last on this earth is not one which many of us will choose to dwell on, but it is so, and it brings into focus some practical realities that we need to address. Whilst financial planning might often be more appropriate for someone whose life is in front of them, it is something that can benefit people of all ages, even if they have no plans to throw off this mortal coil anytime soon.
One of the specifics which we can plan for, regardless of how old or how young we are, is our funeral within our estate planning. We mention ‘young’ because, in reality, the earlier you have plans in place for your funeral, the less stressful and upsetting it will be. For example, compare the difference emotionally for someone aged 40 planning for their funeral, knowing it will be decades away, and someone in their mid-70s doing likewise, knowing it might be just a few years from now.
Apart from the emotional observation we have just made, there are several other reasons why you should have your funeral plans in place well in advance. Now, we accept that many of these benefits will accrue to your loved ones after you have passed away, but from the moment you finalise your funeral plans, it will give you peace of mind, knowing everything is in place. The specific benefits are outlined below.
Less Burden On Your Family
This is one of the main reasons why you would want to have your funeral arrangements settled and in place as part of your estate planning. Relieving your family of organising the specifics of your funeral means there should be no second-guessing what your wishes were, nor the risk of family members falling out whilst arguing about them. In addition, with your estate planning making the funds available to pay for the funeral, the financial burden is also removed from your family.
Your Estate Is Settled Quicker
With your estate planning making sure that your funeral arrangements are in place and funded, it means that the distribution of the remainder of your estate can be implemented quicker. This allows your family to receive the bequests you have made to them sooner and reduces a great deal of the red tape and paperwork which often occurs when an estate is being distributed.
Other Services May Be Available To Your Family
The death of a loved one can be an extremely difficult time for certain individual family members and the family as a whole. This is where some of the additional services which your funeral plan might provide will be invaluable to them. This can include financial planning, financial assistance, bereavement counselling and even legal advice with respect to any unforeseen legal issues relating to your passing, and in particular, your estate.
Your Loved Ones Can Remember You As You Would Want
When we pass away, one thing we do not wish to leave behind is a family whose grief is added to by issues arising from your estate. Whether that is unsettled debts, an estate that has not been properly planned, or even a funeral that has to be paid for. Instead, you would want them to remember you fondly, and to be thankful that you have not left them stressed about sorting out all the outstanding financial issues your death has created.