Estate planning covers a lot of moments in your life, from advanced medical directives in your twilight years to inheritance distribution after your death. One aspect that many clients may overlook is the cost of your funeral.
Many families often need to hold car washes or other fundraisers to rapidly earn the money. In the middle of grief, this can be a tall order. Understanding the details ahead of time and accounting for the costs through preneed contracts or trusts may help your family during such an emotional time.
The median cost of a New Jersey funeral
According to the National Funeral Directors Association, the median cost of an adult funeral around the Middle Atlantic region ranges between $7,463 and $8,093. The main difference between the two figures is whether you decide on cremation or burial.
Services that go into funeral costs
You may typically see basic services, transport of the body and other uses of funeral home facilities. New Jersey does not specifically require embalming but many funeral homes require it if you wish to have an open casket service.
Affording your funeral costs
Preneed contracts with a funeral home help you pay these amounts ahead of time. Irrevocable funeral trusts may also help when making arrangements around Medicaid qualifications.
When it comes to conveying your wishes, you can get as specific as you want. Some funeral plans even stipulate what music to play at services. It is important to make sure the documentation around these plans is clear so that your family knows what you wanted and how you arranged to pay for it.