With the cost of a funeral costing as much as $12,000 and steadily increasing each year, at the very least your estate plan should include enough money to cover this final expense. And if you are thinking of simply setting aside money in your will to cover your funeral expenses, you should seriously reconsider, as paying for your funeral through your will can create unnecessary burdens for your loved ones.

Although you can leave money in your will to pay for your funeral expenses, your family won’t be able to access those funds until your estate goes through the court process of probate, which can last months or even years. And since most funeral providers require full payment upfront, your family will likely have to cover your funeral costs out of pocket. Moreover, your loved ones will have to deal with all of this while grieving your death.

If you want to avoid burdening your family with such a hefty bill and the stress that comes with it, you need to use estate planning strategies that do not require probate. While you should meet with us, Legally Remote, PLLC to find the solution best suited for your unique situation, the following option is among the most commonly used method for covering funeral expenses without the necessity for probate.

LIVING TRUSTS

When you work with us, you don’t need to buy a pre-built trust from a funeral provider. Instead, we can create a customized living trust that allows you to control the funds until your death and name a successor trustee, who is legally bound to use the trust funds to pay for your funeral expenses exactly as the trust terms stipulate.

Furthermore, you can change the terms of your living trust at any time, and you can even dissolve the trust if you need the money for other purposes. Alternatively, if you need an irrevocable trust to help qualify for Medicaid, we can create that type of trust as well, while ensuring the trust stays totally compliant with all of Medicaid’s requirements, so you don’t run afoul of the program’s many complex requirements.

USE ESTATE PLANNING TO AVOID BURDENING YOUR FAMILY

Although thinking about your eventual death is never easy, with the proper planning, you can make dealing with the aftermath of your death significantly easier for the loved ones you leave behind. To avoid needlessly burdening your family with the expense and stress of planning and paying for your funeral, make sure your estate plan includes the necessary funds to cover this expense, and be sure to use an estate planning strategy that will allow your family to access these funds as quickly and easily as possible—ideally by using an option that avoids probate. 

With so many different options to choose from, consult with us, to find an estate planning vehicle that is best suited for your particular situation. With our guidance and support, we will develop a planning strategy that includes adequate funding to ensure your funeral services are handled in the exact manner you desire—and your family won’t be forced to foot the bill. Contact us today to learn more.