If you have not yet created an estate plan, you certainly are not alone. In fact, according to reporting from CNBC, roughly two-thirds of Americans are in the same boat. Still, as the adage says, there is no time like the present to get your affairs in order.
When you are creating a comprehensive estate plan, you should think about protecting your assets and disposing of them after your death. You also should consider addressing end-of-life matters by drafting an advance directive and planning your funeral.
Funerals and estate plans
When it comes to planning your celebration of life, you have two major concerns to address: how the funeral proceeds and who pays for it. Your estate plan can tackle both of these issues.
In a comprehensive estate plan, you can outline exactly how your funeral happens. Indeed, you can pick the music, venue and speakers. You even can detail what you wear to the event, provided you have an interest in looking a certain way.
Funerals can be expensive, of course. To ensure your loved ones do not have to foot the bill, you may want to think about setting up a funeral trust. This type of trust sets money aside for paying your funeral and burial expenses.
Your physical remains
Your estate plan also can remove all doubts about what happens to your physical remains. Whether you want a traditional burial, cremation or something else, you can leave precise instructions for your loved ones to follow.
If you care about how your funeral unfolds, you obviously do not want to leave your wishes to chance Ultimately, by figuring out your funeral now and memorializing it in your estate plan, you lessen the burden on your loved ones when they are grieving your death.