When it comes to the major milestones in life, death and funerals are definitely ones that everyone on Earth must journey to and through at some point in our lives. Clearly we all wish these difficult life events will happen later versus sooner, but no one is promised a tomorrow.
More than 70 percent of Americans do not leave behind any formalized estate plan such as a last will or living trust. Sadly, more than 85 percent of Americans do not leave behind any final arrangement plans or preferences.
So where do funerals fit on this list of life’s major milestones? Consider these important facts:
The average family has over 150 detailed questions that need to be answered, all within a period of 48 hours after losing a loved one. When individuals and families are forced to make important and emotional decisions with very little time and a heavy heart, this can only add insult to injury. In addition to the time constraints and emotional loss, people can also lose their ability to be educated and empowered with regards to their various options, key details and best prices.
The average cost of a funeral today is approximately $10,000 (and only going higher over time). So just like all of life’s major financial and retirement planning milestones, planning a funeral also requires a detailed, deliberate, logistical and proactive approach.
To help put this into perspective, let’s compare weddings and funerals. Getting married is usually a big life event, right? In fact, it is such a big life event that most people spend over a year planning the various options, details and pricing of their wedding day ceremony. Now, can you imagine being forced to make all of these important wedding choices within a 48 hour period? The fact of the matter is both weddings and funerals require careful consideration of many similar details, including invitations, guests, location, flowers, food, memorabilia, clothing, travel, religion — and of course, spending the least but most appropriate amount of money.
A wedding is a very important life-event that should almost never be planned on the fly. Likewise, planning your funeral should be the treated the same way.
Mintco Financial Team of Independent Advisors firmly believe that 90 percent of their job is protecting against emotionally and financially devastating circumstances. Clearly the loss of a loved one is accompanied by a large number of emotional and financial decisions.
Have you planned ahead?
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