Estate planning often revolves around what you have and where it is going. This includes your property and who may inherit it. It also touches on the health you have and who takes care of you should the worst happen.
There are other aspects in the estate planning business where counting the cost comes into play. Setting aside a trust fund for a loved one is one thing—setting aside a trust for a funeral is another. Having your funeral paid off in advance is one more pressure your loved ones do not have to deal with in their time of grief.
Median funeral costs in Florida
According to the National Funeral Directors Association, the cost of a funeral varies depending on several factors. One of the biggest factors is the option between burial and cremation, which in Florida’s South Atlantic region ranges between $7,070 to $7,800. This median involves costs such as basic services, caskets and embalmings. Embalmings are sometimes optional, though many funeral homes require them for open casket services. Additional costs include vaults, which some cemeteries require for burial.
Funeral trust options in Florida
Many funeral homes offer preneed contracts designed to help you put away money in a bank or trust for the costs of your funeral. These include revocable trusts where the money remains available to you or irrevocable trusts with more stringent policies on withdrawing money. Irrevocable trusts have the benefit of helping you spend down in the case of qualifying for Medicaid.
Like any contract in your estate planning, it is important to lean on your resources to make sure every piece of paperwork expresses your wishes clearly.