It may seem hard to believe, but countless Americans die each year without their last will and testament accurately and legally known. In addition to the division of any potential assets that a person may control, there are a number of other considerations to be made prior to someone’s death. For instance, they should outline the type of burial and memorial service they’d like to receive, as well as the place they want to be interred.
End-of-life arrangements include embalming or cremation, funeral services, burial and commemorative stones. Memorial services in Chicago, IL can be quite expensive, so it’s important to begin planning for the financial impact of end-of-life circumstances as soon as possible.
Many people begin saving for their end-of-life arrangements early on. If you haven’t saved adequately for your own end-of-life plan, however, there are a number of options that you may want to consider to help fund your funerary arrangements, including the following:
- Life insurance: Life insurance policies are one of the best ways to prepare for end-of-life expenses. There’s a chance that you may even be covered under a life insurance policy and not know it. Some employers may include life insurance with their benefits packages, or your spouse’s life insurance policy may also cover you. Be sure to search your records to determine if you’re covered by a life insurance policy, and explore the options that are available to you.
- Asset liquidation: Sometimes, asset liquidation is the best way to pay for funerary expenses. You may want to consider outlining in your will that your beneficiaries are to liquidate assets to pay for any end-of-life expenses before dividing up the remaining money. Asset liquidation is often seen as a last resort when it comes to paying for funerary expenses.
- Social Security: Some people may qualify for Social Security benefits that could cover the cost of a funeral. Be sure to check with your local Social Security office to learn more about eligibility, and to see if you qualify to have all or part of your end-of-life expenses covered through the program.
- VA benefits: If you served in the Armed Forces, you’re likely eligible to have some or all of your funeral expenses covered by the U.S. Department of Veterans Affairs (VA). The amount of funeral expenses that the VA covers is largely dependent on the time you served, and where you plan to be interred. Be sure to ask about veterans’ burial benefits when visiting your local VA office.
End of life planning is one of the most important things that you can do to make your passing easier on your family and on your loved ones. If you want to know more about cremation services in Chicago, IL, reach out to Marik-Baken Funeral Services Ltd. We can help you put together a meaningful end-of-life plan that will allow you to ensure that your loved ones enjoy a beautiful celebration of your life, and that your last wishes are carried out according to your every desire.
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