Personal finance

Should You Put Aside Money for Your Own Future Send Off?

money-investmentEven though no one likes to talk about it, death is inevitable, and planning a funeral can be difficult, especially when it’s left up to grieving loved ones. Not only are funerals difficult to plan because there are so many details to consider and because you need to think about what the deceased individual would’ve wanted, but they’re also very expensive. The financial burden of your funeral can be difficult on your loved ones. However, putting aside money for your own future send off could be what you need to rest assured that your funeral won’t be a burden on your family.

Plan All of the Details in Advance

One of the benefits of putting aside money for your own future send off is the fact that it gives you the opportunity to plan out all of the details. You can choose the funeral home that you would like your wake to take place in, the casket that you want to be put to rest in, the memorial services that you would prefer, and the urn that you want your ashes to be placed in. Click here to access a valuable resource that will guide you through the planning process step by step. With these details in place, you can begin to figure out how much they will cost and how much money you should be setting aside for your funeral plans.

There are Several Ways to Put Aside the Money Your Family Will Need

Thankfully, you don’t need to resort to merely putting extra money away in a savings account and hoping that it is used appropriately after you have passed away. When it comes to paying for your own future send off, you have a few good options. These include purchasing final expense insurance, or purchasing what is known as a preneed policy from a funeral director. You even have the option of prepaying for your own funeral by entering into a contract that will hold your money in a trust that has been established by your preferred funeral home.

Set Up a Payable on Death Account

Many people opt to set up what is known as a POD, or Payable on Death, account. This is also referred to as a Transfer on Death, or TOD, account, a Revocable Pay on Death, or a Totten Trust, and it is a reliable and safe way to ensure that your family will have all of the funds necessary to cover all of your funeral and memorial expenses. Let your family know what your wishes for your funeral are, and then save some of your money in the Payable on Death account for which you will name a family member as the beneficiary. They will be able to access the funds upon your death.

By following the tips above, you can put money aside in order to cover your own future send off. This will remove the financial burden that your family would otherwise face, and it will ensure that you will get the funeral services that you want.

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