What is the Pre-Need Trend and why should I care?

This is a trend we all need to get onboard with. There is one certainty in life, but we ALL try to avoid thinking about it. However, planning ahead for your loved ones gives you and your family peace of mind.

What is Pre-Need Planning?

Though we often don't like to think about it, planning your funeral in advance, often called “pre-need” planning, can help relieve emotional and financial burdens on your loved ones. It allows you to make decisions about your funeral and burial preferences, ensuring that your wishes are respected. However, understanding the costs associated with pre-planning is essential to avoid surprises. Here’s a breakdown of the expenses involved and how to plan effectively.

The BIG question? What are steps and items to consider in your pre-need planning?

#1 Funeral Home Services

Basic Service Fees: Funeral homes charge a basic service fee, which covers their time, consultations, paperwork, and coordination with third parties (such as cemeteries or crematories). This fee generally ranges between $2,000 and $3,000.
Embalming and Preparation: If you choose a traditional burial and want a viewing or open-casket service, embalming will likely be required. Embalming costs between $500 and $1,200, depending on the funeral home. Other body preparation, such as dressing and cosmetics, can add another $150 to $500.
Funeral Service Costs: These include the use of a funeral home’s space for a viewing, memorial service, and equipment. Service costs typically range from $500 to $1,000.

#2 Casket or Urn

Caskets: Casket prices can vary dramatically depending on the material and design. A basic wood or metal casket starts at around $1,000, while more elaborate models can cost upwards of $10,000. The average cost is usually between $2,000 and $5,000.
Urns (for cremation): If you opt for cremation, an urn is needed to store the ashes. Urn prices typically range from $50 to $500, but luxury urns can cost more depending on the design and material.

#3 Burial or Cremation

Cemetery Plot: Purchasing a cemetery plot is a significant expense. The cost varies based on location, with urban areas being more expensive. A single burial plot can cost between $1,000 and $4,000. If you prefer a family plot, the price could range from $5,000 to $10,000 or more.
Grave Opening and Closing: Cemetery fees for opening and closing a grave can range from $500 to $1,500. Some cemeteries also charge an additional fee for grave maintenance.
Grave Liner or Vault: Most cemeteries require a grave liner or vault to prevent the ground from sinking after the burial. Vaults are typically more expensive than liners. A grave liner costs around $700 to $1,000, while a vault can cost between $1,000 and $2,500.
Cremation Costs: The cremation process itself costs between $500 and $3,000, depending on whether it includes a memorial service or viewing beforehand. Direct cremation, where the body is cremated immediately without a service, is usually the most affordable option.

#4 Place of rest: Headstone & Markers

Flat Markers: A basic flat grave marker can cost around $500 to $1,500, depending on the material and engraving.
Upright Headstones: An upright headstone is more expensive, usually ranging from $1,500 to $4,000. Custom designs and inscriptions can increase these costs further.

#5 Additional Expenses to consider

Flowers: Floral arrangements for the funeral and gravesite can cost anywhere from $200 to $700, depending on the size and number of arrangements.
Obituaries and Death Notices: If you choose to publish an obituary or death notice in a newspaper or online, the cost can range from $100 to $500, depending on the publication.
Transportation: Transportation for the deceased, such as hearse rental, typically costs between $300 and $500. Additional vehicles for family members may cost extra.
Post funeral events: food/beverages/entertainment/location are all important and potential costly items to consider.

#6 Prepayment Options

Pre-Need Funeral Plans: Many funeral homes offer pre-need plans where you can prepay for your funeral expenses. This option allows you to lock in current prices and spread out the payments over time. However, be cautious and read the fine print to understand what is covered and what happens if the funeral home goes out of business.
Funeral Insurance: Another option is purchasing funeral insurance, which is specifically designed to cover funeral-related costs. These policies are usually affordable and ensure that your loved ones won’t have to pay for your final arrangements out of pocket. Just don't forget to make sure they understand your wishes.

#7 Other Considerations

Inflation: If you prepay for funeral services today, keep in mind that inflation may increase funeral costs in the future. Make sure that your pre-need contract accounts for inflation, or consider setting aside additional funds to cover rising costs.
Government Assistance: If you or your loved one qualifies for veterans’ benefits or Social Security death benefits, some funeral expenses may be covered. Veterans, for example, may be eligible for a free burial plot in a national cemetery.

Planning your funeral in advance is a thoughtful way to ease the emotional and financial burden on your loved ones. However, the costs can add up quickly, so it’s important to budget carefully and explore your options. Whether through a pre-need plan, funeral insurance, or savings set aside for end-of-life expenses, making informed decisions now can help ensure that your final wishes are carried out without placing unnecessary strain on your family.

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Beyond the finances, it is important to consider the details surrounding your passing. Including an instruction letter regarding your favorite music, church, flowers or foods can help your loved ones feel confident they are creating a memorial you would be proud of. After all it is in celebration of YOU!

As always, I recommend you include all important documents and details together to reduce the questions and burden on your family during you time of passing. It doesn't take long, and I promise it will give you and your family peace of mind. Visit the link below to download THE LEGACY LIFE PLANNER which is the fastest and easiest way to ensure all your important life details are readily available to your loved ones, reducing the load they will carry during a time of grief.