The Cost of Dying - 5 Things You Didn"t Know (And Some You Did)
The cost of dying is probably the last thing you want to consider leading up to or after the passing of a loved one.
While the focus during this difficult time should be on celebrating and memorializing your loved one's life, the reality is that funerals and ceremonies can be expensive.
It's common to hear about the "cost of living" in relation to jobs, home prices or consumer goods-but it's not nearly as common to hear about the "cost of dying.
" Following are five things you may not have known about the costs of dying-and a few things you already knew.
1.
Actual costs- Traditional funerals range from approximately $6,000-10,000 and beyond (usually excluding the price of a plot); cremation services may range from $800 to $2,000.
2.
The Funeral Rule- Put into effect in 1984, this legislation mandated by the Federal Trade Commission helps ensure that funeral service providers are transparent about their practices and costs.
It's a law designed to protect you, the consumer, from inflated costs.
3.
Disbursements- Most funeral providers will pay out fees to third parties on behalf of you or your loved one's estate.
These "disbursement" fees may include the cost of obituary placements, clergy, crematorium, transportation of the body, or doctor's fees to complete death certificates.
4.
Handling of caskets and cremation remains- A funeral provider is not allowed to refuse to handle a casket you purchased elsewhere.
And if a provider offer cremations, they are required to make alternative containers available to you.
5.
Debts, taxes & medical bills- Funerary and burial costs are not the only end-of-life costs; there may also be costs associated with unpaid debts, federal or estate taxes or medical bills lingering after a loved one has passed away.
Life insurance plans typically cover these costs.
While these five things are not always common knowledge, what you already know is that the costs related to dying shouldn't be the central concern when you lose a loved one.
With a little bit of planning, whether estate planning or cremation planning, you and your loved ones can better prepare yourselves to avoid the stress of unexpected costs and instead focus on celebrating the life of a loved one.
While the focus during this difficult time should be on celebrating and memorializing your loved one's life, the reality is that funerals and ceremonies can be expensive.
It's common to hear about the "cost of living" in relation to jobs, home prices or consumer goods-but it's not nearly as common to hear about the "cost of dying.
" Following are five things you may not have known about the costs of dying-and a few things you already knew.
1.
Actual costs- Traditional funerals range from approximately $6,000-10,000 and beyond (usually excluding the price of a plot); cremation services may range from $800 to $2,000.
2.
The Funeral Rule- Put into effect in 1984, this legislation mandated by the Federal Trade Commission helps ensure that funeral service providers are transparent about their practices and costs.
It's a law designed to protect you, the consumer, from inflated costs.
3.
Disbursements- Most funeral providers will pay out fees to third parties on behalf of you or your loved one's estate.
These "disbursement" fees may include the cost of obituary placements, clergy, crematorium, transportation of the body, or doctor's fees to complete death certificates.
4.
Handling of caskets and cremation remains- A funeral provider is not allowed to refuse to handle a casket you purchased elsewhere.
And if a provider offer cremations, they are required to make alternative containers available to you.
5.
Debts, taxes & medical bills- Funerary and burial costs are not the only end-of-life costs; there may also be costs associated with unpaid debts, federal or estate taxes or medical bills lingering after a loved one has passed away.
Life insurance plans typically cover these costs.
While these five things are not always common knowledge, what you already know is that the costs related to dying shouldn't be the central concern when you lose a loved one.
With a little bit of planning, whether estate planning or cremation planning, you and your loved ones can better prepare yourselves to avoid the stress of unexpected costs and instead focus on celebrating the life of a loved one.