Funerals can be very expensive here in Lorain County. Many families pay $10,000 (and oftentimes more) for their loved one’s funeral. Hoping to relieve family members from the stress of decision making as well as the financial burden, the idea of paying for funeral expenses in advance using a prepaid funeral contract is growing in popularity. As with any financial decision, you should carefully consider the pros and cons of this investment.
Some of the benefits of prepaid funeral contracts are:
- Your family does not have to deal with the emotional burden of planning your funeral.
- Your family has financial help, and sometimes full payment, for your funeral costs.
- Many times you can lock-in the cost of your funeral at today’s price rather than a higher price in the future when the funeral is held.
- You can often pay in installments.
Some of the potential risks of prepaid funeral contracts include:
- The funeral home could go out of business.
- You may not be able to obtain a refund if you change your mind.
- You may not be earning interest on the money you invest.
- You could move or die away from your current home and your contract may not be transferable.
Before you sign on the bottom line, be sure to talk to a qualified will and estate attorney here in Lorain County. There may be safer ways to set aside or invest money that will accomplish your goal of taking care of your final arrangements and decreasing the stress on your family. The bottom line is that it is critical to gather as much information as possible before tying up your money with a local funeral home.
If you’d like to talk to our Lorain County will lawyers about taking care of your family so they don’t suffer financially at the time of your death, give us a call at 440-572-3300.