Why Pre-Planning Your Funeral Is A Smart Financial Decision

Making these important decisions now can help you save money—and it offers comfort for your family, too

Posted: August 26, 2020 03:47 PM ET

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It’s hard enough to think about death without having to consider the financial realities that go along with it. Making the right decisions about funeral and cemetery expenses can be especially tough when you’re grieving the loss of a loved one.

But as thousands of Canadian families have already discovered, there’s a way around that.

Funerals and cemetery services cost money—that’s unavoidable—but if you’re smart, you can cut those costs and protect your family. With well-informed estate planning, you could save thousands of dollars, and spare your spouse and children from a heavy financial and emotional burden.

How to help your family

Plan your own funeral. As with most products and services, funeral and cemetery costs rise with inflation. Fees, like most products and services that we purchase, rise with inflation.

By making your own arrangements, you can choose your own budget. You’ll eliminate any risk that your grieving loved ones would spend more than you’d want them to.

With prepaid funeral plans, you also have the option to choose a flexible payment schedule. Often, such convenient terms are only available when making your funeral plans in advance. Without a pre-plan in place, your family may have to pay the entire amount at once, due immediately after the services are rendered.

Additional financial benefits for your family

Consider this benefit too: If you have insurance or savings, those funds can be gifted as a legacy to your beneficiaries, instead of being used for your final arrangements. It’s a loving gesture that’s both kind and practical.

It’s important to note that while your Last Will and Testament is the right place for bequeathing such gifts, it’s not a good place to record wishes about your final arrangements. A Will is frequently left unread until after all the ceremonies are over. A proper plan, completed with a pre-planning professional, is your only guarantee you’ll have your wishes, your way.

Making your own end of life plans gives you the opportunity to talk it over and create arrangements that reflect the person you are, the life you’ve lived and the way you want to be remembered. Your loved ones will face no uncertainty and no undue responsibilities. You will have made a difficult time more comfortable for them down the line. And knowing that can provide you with a sense of comfort right now.

Celebrate your life, your way

Arbor Memorial helps families through difficult times with expert guidance. Click here to learn more about how we can help you or your family today.