When people think about estate planning, they often concentrate on who will inherit their money and property and how these assets will be distributed. However, estate planning also encompasses your end-of-life wishes, including the considerations and expenses associated with saying goodbye to your loved ones. Below, our friends at McCarthy Law, LLC discuss some essential questions to ask yourself, as the answers are crucial in crafting a comprehensive estate plan.
Addressing your final wishes for your body may be uncomfortable, but planning ahead can save your loved one’s time and give them peace of mind, knowing they are fulfilling your desires. There are many common options available, such as:
Alternatively, some people choose more unique methods, like having their remains turned into a diamond.
Depending on your state’s laws, these wishes can be outlined in your last will and testament, healthcare power of attorney, advance directive, or a separate document.
When it comes to commemorating your passing, there are various options available to fulfill your specific wishes.
Some individuals opt for a traditional funeral at their place of worship, featuring music, scripture readings, and a meal afterward. This can also include a gathering prior to the church service or a graveside ceremony. The primary purpose of the funeral is to provided your loved ones a chance to mourn your passing.
A memorial service can resemble a funeral in terms of formality, but usually does not include the deceased’s remains; instead, photos of the deceased are often displayed. Alternatively, a memorial service can be informal, much like the celebration of life.
“Celebration of life” events are becoming more popular as a way to honor your life experiences and achievements. Photos and videos can be showcased during the event while your loved ones share stories about you. This celebration can be customized to reflect your personality and emphasize what matters most to you.
You may choose not to have a funeral, memorial service, or celebration for various reasons. Perhaps you have few friends or family members who could attend a local service, you wish to avoid funeral expenses and prefer that your money go directly to your loved ones, or you are a private person who does not want the details of your passing shared publicly.
It’s important to understand that documents outlining your preferences for funerals, celebrations, or the disposition of your remains might not be legally binding in your state, as regulations vary. However, by clearly expressing your wishes to your loved ones, they can consider this information when making decisions about your final arrangements.
While you may concentrate on official documents like a last will and testament or a trust when creating your estate plan, you can also include personal messages to help you say goodbye to your loved ones.
If you love to write or find it easier to express yourself through writing, leaving a letter to your loved ones can allow you to thoughtfully convey your wishes and final sentiments. You might write one letter addressed to all your loved ones if you want to communicate the same message to each person. Alternatively, you could write separate letters for each loved one if you have specific things to say to each individual.
In these letters, you can reflect on your relationships, share valuable lessons you’ve learned, and offer advice and guidance for future generations. The recipient will not only find the information meaningful, but they will also have a tangible keepsake to help them through the mourning process, which they can cherish for years to come.
Another heartfelt way to communicate is through video, giving you one last opportunity to speak to your loved ones. Similar to writing a letter, you can address friends and family collectively in one video or create individual videos for each person. Videos can convey the same messages as a letter while also providing the added comfort of your voice and presence.
Depending on the scope of your end-of-life wishes and the expected costs, there are various ways to allocate funds to cover this expense.
Consider prepaying and prearranging your burial and memorial services. This involves contacting a funeral home or cremation service during your lifetime to sign a contract and pay for burial, cremation, and/or memorial services in advance. Doing so ensures that your final wishes are honored and the associated expenses are covered. This proactive approach relieves your loved ones of the financial burden and decision-making during a difficult time, providing peace of mind that everything is already taken care of.
Although a funeral trust may be uncommon in some areas, it is still a potential option. A funeral trust holds money for funeral expenses until your passing. Upon your death, the trustees use the funds in the trust to pay the beneficiary, typically the funeral home providing the services. A funeral trust allows you to allocate money for various expenses, including:
Final expense or burial insurance is a specialized type of life insurance policy designed to cover funeral costs, medical bills, and other end-of-life expenses. It typically provides a small death benefit, ranging from $5,000 to $25,000, intended to cover funeral costs rather than offering financial support to loved ones.
Lastly, if you have sufficient financial resources, you could allocate money in a savings account to cover your end-of-life expenses. The account would be in your name, with a trusted individual designated as the payable-on-death beneficiary, who would then use the funds for your final expenses.
It’s understandable that planning for death is challenging. An estate planning lawyer can help ensure your wishes are honored and your legacy endures. Contact an attorney to start a thoughtful discussion about your end-of-life wishes and expenses.
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Ms. Katje earned her Juris Doctorate at California Western School of Law, San Diego, California, graduated Cum Laude and was a Dean’s Honor List recipient. She was also a recipient of the American Jurisprudence Award in Contracts I and Contracts II. Ms. Katje was a member of the Law Review and International Law Journal at California Western School Law, where she was an Associate Editor.
