Include Funeral Planning in your Indiana Estate Plan to Enjoy the Benefits
Incorporating funeral planning into your comprehensive estate plan is an act of foresight and kindness, ensuring that your final wishes are honored while easing the burden on your loved ones during a challenging time. Funeral planning is often neglected, but it is important for emotional and financial concerns that arise after death. To help ensure that you get the most out of your estate plan, the Indianapolis attorneys at Frank & Kraft discuss the benefits of including funeral planning in your Indiana estate plan.
The Financial Burden of a Funeral
Funerals and burials can be costly, often catching families off guard with expenses that they may not be prepared to cover. In 2024, a modest funeral cost about $8,000 with more elaborate arrangements costing significantly more. Include funeral planning in your will to ensure that the funds are set aside for these expenses and prevent financial strain on your family. Moreover, it provides an opportunity to make informed decisions in advance, securing the type of service you desire without leaving your family to guess or make rushed decisions.
Reducing Emotional Stress on Loved Ones
Grief is an emotionally overwhelming experience, and adding the responsibility of planning a funeral can exacerbate the stress for your loved ones. By stating your preferences, such as whether you want a burial or cremation or what type of service to have, or even specific songs or readings, in advance, you can relieve your family from the emotional burden of making these decisions during their time of grief. This clarity can also help prevent disputes among family members regarding your wishes.
Ensuring Your Final Wishes Are Honored
A funeral plan embedded within your estate plan ensures that your preferences are legally documented and accessible. A written plan is the only way to ensure that your wishes are followed. Include a funeral plan to ensure that your loved ones can confidently carry out your final wishes. How to Include Funeral Planning in Your Indiana Estate Plan
There is a variety of ways to include funeral planning in your Indiana estate plan. Prepaying for a funeral through a funeral service is favored by many people. This approach locks in current prices and ensures that the financial burden is alleviated for your family; however, there are a number of potential issues with pre-paid funeral contracts, such as the risk that the funeral home goes out of business or the possibility that you move to another state before your death.
Including a detailed funeral plan in your estate plan or as an addendum to your Last Will and Testament is another way to outline your funeral and burial preferences. You should also identify someone who will oversee your funeral arrangements. This could be your Executor, or another trusted person who is willing to follow your wishes. This method is not a legal way to ensure your wishes are carried out. You can share your details with a trusted relative or executor, but it does not guarantee that they will be followed. Many people create an Irrevocable Insurance Trust (ILIT), which allows them to fund the trust using the proceeds from a life insurance policy. A Trustee, appointed by you, will oversee the funds to ensure they are used according to your instructions.
Can We Help You Incorporate Funeral Planning into Your Indiana Estate Plan?
For more information, please join us for an upcoming FREE seminar. For assistance in incorporating a Funeral Planning component into your Indiana Estate Plan, contact the experienced Indianapolis Estate Planning Attorneys at
Frank & Kraft
or call (317)684-1100 for an appointment. Mr. Kraft’s primary areas of expertise are estate planning, Medicaid planning, federal, state and corporate taxation, real property and corporate law. He also has a background in accounting. Latest Posts by Paul A. Kraft Estate Planning Attorney (see all)
