The Last Things....

Texicaster

Friend of Leo's
Ad Free Member
Joined
May 9, 2018
Posts
3,741
Location
It Varies.....
¡Bueno!™

So 62 yo in fine health BUT at the moment 100% on my own. Distant friends and family.

In the spirit of not leaving a mess I'm curious about the best way to pay for burial costs.....I know where I want to land and plenty of space so far. Considered buying a spot now but there's more to it than a spot....dealing with mortal remains etc...

I'm sure everyone has an opinion on cremation, scattering, cemeteries eyc but I'm just after advice about having the $$$ in case the last days deplete my savings and I don't want to be a burden.

So I assume life insurance is the ticket? And then jot down specifics in a will or is there some other document that has directives? Cost of a niche where I want to be isn't too expensive and considering buying that outright but some sort of insurance may cover that leaving more $$$ for guitar gear! :D

Thanks!
 

uriah1

Telefied
Gold Supporter
Joined
Feb 12, 2011
Posts
27,980
Location
Around
Ya. A few things. Get a lawyer.
Do the trust work and all that crap to avoid probate if here in the states.
Get a plot. Choose burial type later.
We did all the above to avoid grandkids paying for all that or mates.
 

Texicaster

Friend of Leo's
Ad Free Member
Joined
May 9, 2018
Posts
3,741
Location
It Varies.....
A will. State your desired wishes and have money set aside for those wishes

Well setting aside $$$ is the plan but I'd rather leave that to someone and use some sort of insurance to pay for last things.

Looks like ~$50mo gets me into a $10K life insurance policy. I have no clue how those work. A little more $$$ gets a lot more policy....

Plus who knows what tomorrow may bring. A health issue can quickly deplete a savings account so just having $10K+++ sitting around makes less sense than dropping ~$50 a month into some sort of policy. I'm not trying to get a $million left for someone at this point and simply for the costs illustrated above.

Thanks!
 

schmee

Telefied
Ad Free Member
Joined
Jun 2, 2003
Posts
21,857
Location
northwest
Just pre arrange/pre pay what you want, that way understanding, arranging and paying for it is easy for whomever is putting you to rest. Cremation is easy and cheap. Burial gets more complicated and expensive.
A long term medical issue can deplete your money, nothing left. They take it.
 

kuch

Tele-Afflicted
Joined
Sep 30, 2011
Posts
1,699
Location
Great Northwest
¡Bueno!™

So 62 yo in fine health BUT at the moment 100% on my own. Distant friends and family.

In the spirit of not leaving a mess I'm curious about the best way to pay for burial costs.....I know where I want to land and plenty of space so far. Considered buying a spot now but there's more to it than a spot....dealing with mortal remains etc...

I'm sure everyone has an opinion on cremation, scattering, cemeteries eyc but I'm just after advice about having the $$$ in case the last days deplete my savings and I don't want to be a burden.

So I assume life insurance is the ticket? And then jot down specifics in a will or is there some other document that has directives? Cost of a niche where I want to be isn't too expensive and considering buying that outright but some sort of insurance may cover that leaving more $$$ for guitar gear! :D

Thanks!
Hey TC,

I'm 69 in good health but you never know what's around the corner. I created a will about a year ago before I went in for back surgery, had it legally notarized, and gave copies to my family.

Included in my will are instructions for what I want after my passing. I have set aside $$'s to cover the costs.

I personally don't believe in life insurance so I have made other arrangements to cover all liabilities.

Good luck
 

bgmacaw

Doctor of Teleocity
Joined
Feb 11, 2006
Posts
11,053
Location
Near Athens GA USA
Aside from a will, be careful about the life insurance you buy. My mother-in-law bought one of those "burial insurance" type policies you see advertised on late night TV and random mailers before she passed about 6 years ago. The value of the policy was $5000 which would have been enough to pay for her final expenses. The insurance company refused to pay. So, my wife's family fought nearly a 5 year battle to get the issue resolved but the company never paid the mortician. The final result was that the mortician offered to write off all but $500 of the expenses and the family accepted.
 

getbent

Telefied
Gold Supporter
Joined
Mar 2, 2006
Posts
48,803
Location
San Benito County, California
living trust. if you have someone who you have great confidence in and trust, contact them and ask them if they would tend to your affairs when you pass. pick someone who is a decent bet to be alive longer than you. A niece or nephew. If you have some money saved or own a home or have a retirement, you really don't need a life insurance policy. If you know how you want to be taken care of (buried, cremated etc) you can make arrangements in advance. Leave notes for your executor.

If you become ill and you are headed to hospice, do a power of attorney with your executor so that they can pretty simply access your accounts and take care of your needs. If you don't currently have someone like that in your life, take some time and look. It doesn't even have to be a relative, just someone who you believe would do the right thing and follow your instructions.

My wife and I have done this for several relatives now. One of my brothers has also done this for some family members. It all goes very smoothly if you do some planning and you write it down and do the living will so that it is fair and spelled out.
 

stxrus

Doctor of Teleocity
Joined
May 25, 2007
Posts
10,895
Age
70
Location
St. Croix, USVI
In my case I know how much a cremation costs (as of January 2022), the cost of chartering a boat to get to my final spot, payment to a friend to help my BIL place me where I want to be and step up if BIL can’t, plus I’ve set aside more than enough to pay one heck of a good party. I then added 10% to cover any unexpected expenses.

Hey, it’s my funeral/party. I’ve got it all pretty much planned out. I just don’t know what time. If any one wants to join in I’d prefer you wear shorts, a nice colorful shirt (T-shirt or collared, bumched or not), footwear is optional, but be in a festive mood. Crying or sadness will not be tolerated
 

Greggorios

Poster Extraordinaire
Joined
Jun 18, 2016
Posts
6,620
Location
NY
First things first: If not already done, get an attorney and get the basic couple of documents put to bed including a will, a living will, power of attorney, etc. They'll do them as a package. This is important especially the living will, DNR, etc. stuff. Just get it out of the way. I'll bet that a decent attorney, the same one doing the documents will also be able to steer you toward your options for financing the "final costs" of burial, cremation, etc.
 

nojazzhere

Doctor of Teleocity
Ad Free Member
Joined
Feb 3, 2017
Posts
18,969
Age
70
Location
Foat Wuth, Texas
¡Bueno!™

So 62 yo in fine health BUT at the moment 100% on my own. Distant friends and family.

In the spirit of not leaving a mess I'm curious about the best way to pay for burial costs.....I know where I want to land and plenty of space so far. Considered buying a spot now but there's more to it than a spot....dealing with mortal remains etc...

I'm sure everyone has an opinion on cremation, scattering, cemeteries eyc but I'm just after advice about having the $$$ in case the last days deplete my savings and I don't want to be a burden.

So I assume life insurance is the ticket? And then jot down specifics in a will or is there some other document that has directives? Cost of a niche where I want to be isn't too expensive and considering buying that outright but some sort of insurance may cover that leaving more $$$ for guitar gear! :D

Thanks!
All good answers, but I'll add one thing.....over sixty years ago, my parents took out insurance policies on themselves, and their subsequent four sons. They wanted to prevent exactly what insurance is MEANT to prevent, undue burden and hardship on their survivors. The policies they paid for didn't specify "amounts" of coverage.....but "services" provided.....so things like price increases or inflation would never matter. Unfortunately, the entity issuing the policy didn't survive the 60-70 years until they were needed. Apparently, Texas State laws require a "bonded" amount on insurance, and it is minimal. So, when my mom died last year, the over $10,000 cost of her casket, preparation, burial (we already had cemetery plots) and all the other services were covered with a $1000 cap, meaning we had to cover the rest. DON'T TRUST insurance policies to provide coverage......talk to an attorney to find other options, sorry. :(
 

dented

Doctor of Teleocity
Joined
Apr 17, 2006
Posts
14,747
Location
Lake Lanier, Georgia
#1. A Will in your state with an Executor chosen. When I moved from California to Georgia I had to change my will. Different state different rules.
#2. Living trust with your assets listed. Make sure to have your Executor as the inheritor (unless you want to share) on your legal documents, banks accounts, fiduciary, real estate, insurance....etc.
#3. Pay for your burial/cremation now.

I paid for my burial with Smart Creation, an "A" listed company. It was very small payments over a couple of years.

I have a will and an executor of my estate.

Find all your life insurance policies. I had one from my credit union, one from my Pension fund and one from my investment company. They were all automatic. I didn't have any separate ones I paid for myself. They all add up. Make sure to fill in the part about where they go when you expire.

Durable Power of Attorney DPA, make sure you have one of these to make decisions for you in case you cannot.

It really isn't a lot of stuff. Just do a little at a time. Do your will and DPA at the same time so you can have them notarized or valuated with an attorney.

Get started!
 

Texicaster

Friend of Leo's
Ad Free Member
Joined
May 9, 2018
Posts
3,741
Location
It Varies.....
Thanks!

Dang it looks like nothing but pitfalls along the way.

I'd pay a bit more to go with a major carrier, State Farm etc that I wager will still be in business in 20+/- years.

I have savings but the past couple years messed with it and I was a bit sloppy in buying gear too so need to get back on course with that..

But again I'd rather leave that to someone. I've seen benefactors easily get payouts in the past from major carriers so don't imagine that's much of a risk
 

dented

Doctor of Teleocity
Joined
Apr 17, 2006
Posts
14,747
Location
Lake Lanier, Georgia
If you don't have kids and just some distant relatives I wouldn't get life insurance. Pay that money into an investment account and you can use it if you need and list a beneficiary for when you don't. JMHO
 

Masmus

Tele-Afflicted
Joined
Feb 21, 2018
Posts
1,238
Age
54
Location
San Jose
Pre pay is the way to go. I've had to deal with two funerals that were not planned in advance and if it wasn't for my wife helping me through it I would have been lost. Tell people the details in advance. A will might not be read until weeks later. Research the people you do business with, some in this industry are great and some are sleazy. It will be easier for your loved ones to not have to worry about that and deal with your loss at the same time. If you get insurance check their rating, at least it's easier now to find out about companies. Good luck and long life.
 

Old Plank

Friend of Leo's
Gold Supporter
Joined
Feb 16, 2017
Posts
3,062
Location
Maine USA
The simplest way imo is to go thru a funeral home, pick out your desired details (location, cremation or no, container, headstone etc.) and pre-pay the package price which is then locked in no matter how much longer you live. Doesn't involve life insurance; and everything is already laid out (pardon the pun!) and paid for, for any involved family and friends.

Also, as Phil Lesh spoke about when seeing him last month, consider organ donations ... very simple to arrange for that, for ex. mine is just a code on my driver's license.

That all being said, live long and prosper!
 

FuncleManson

Tele-Meister
Joined
May 23, 2021
Posts
473
Age
58
Location
Moline, IL
I'd agree with those that say pay for everything now, if you can swing it. That way it will be all taken care of for your successors and you'll be paying today prices, compared to God knows what the prices will be 20-30 years from now.
 

telleutelleme

Telefied
Ad Free Member
Joined
Jan 15, 2010
Posts
22,980
Location
Houston
It is good you are thinking about this.

My wife passed last November. Cost of cremation and necessary documents plus an Urn was quite inexpensive here in Texas and what we planned for. Glad we did because I was in no way prepared to deal with it when it happened.

Things to be done well before death are wills, assigning an executor(s) to handle the estate(s). All kinds of stuff you have to do regarding notifications, documents and Death Certificates to resolve joint ownership, bank accounts and such. We took the time to make the wills somewhat generic, so it would not require constant changes and legal fees. Be sure to get a living will, it is absolutely necessary.
 




Top