When it comes to the financial planning aspects of planning a funeral or end of life planning, by far the most common help families need are funeral planning and estate planning matters.
Funeral planning and estate planning challenges to consider:
- No existing wills or living trusts
- Difficulty locating a copy of the original wills or living trusts
- Wills are old and/or outdated
- Living trusts are not properly funded or titled properly
- Calculating income tax and estate taxes
- Properly filing income tax and estate taxes with the IRS
- Dealing with probate
- Difficulty locating many important financial documents
- Collecting life insurance proceeds
- What creditors are owed money
- Family disagreements
- Passwords to computers, access to safe deposit box
- Who should look after the children?
- Was there an end of life plan detailing the final plans and preferences?
- Was there any funeral insurance to pay for funeral costs?
- How does the family plan to pay for the funeral?
- Was there an end of life plan to help prepay funeral expenses?
- What assets are best to sell to pay for any taxes due or creditors owed?
- Who becomes the executor when there is no will or living trust?
- How does the family choose among the family heirlooms?
Additional Educational Resources:
Burial insurance details
What to know about wills
Why choose living trusts?
How to prepay funeral expenses