Plan Your Funeral Now. Pay for it Later.
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Before we get into today's episode, your money briefing is exploring what you need to know to become a homeowner and sustain your home. You can get early access to our series, Buying a Home and Keeping It, on WSJ Special Access, available only for WSJ subscribers. Now on to the show. Here's your Money Briefing for Wednesday, April 17th. I'm J.R. Whelan for The Wall Street Journal. Let's face it, eventually we're all going to die. And for most people, that will involve a funeral, which can run in the tens of thousands of dollars.
Funerals are among the most expensive purchases someone will make in their lifetime. But most people don't plan ahead. So that leaves their family members to make those arrangements after they die. And as you can imagine, that can be a really stressful experience for loved ones left behind.
We'll speak with Wall Street Journal reporter Dominique Mossbergen after the break.
Listen at schwab.com slash washingtonwise.
Planning your funeral now could save your family headaches down the line, but some experts recommend not paying in advance. Wall Street Journal reporter Dominique Mossbergen joins me. Dominique, speaking about funerals, it's kind of a downer, but why is planning ahead so important?
Funerals are among the most expensive purchases someone will make in their lifetime. It's also something that most people, whether they like it or not, will have to contend with at some point. But most people don't plan ahead. So that leaves their family members to make those arrangements after they die. And as you can imagine, that can be a really stressful experience for loved ones left behind. Family members may not know what you wanted and may struggle to figure out what the best choices are. Plus, even in the best of times, it can be challenging to shop for funerals. There's a lack of transparency when it comes to funeral pricing. A lot of funeral homes don't post their prices online, for example.
And a lot of funeral homes won't provide that information over the phone. Like you have to go in person and prices can vary widely from funeral home to funeral home. You're asking a lot of your next of kin who are already grieving and now they have to go and navigate this difficult shopping landscape. It's recommended that you plan in advance so it's much easier for your loved ones to then make those decisions when the time comes.
What should go into that planning process?
Generally, what I've heard is it can be a fairly straightforward process where you're thinking about three main things. One is where and how do you want your body to rest? For example, a lot of people may not realize that you can actually have a funeral at home. Like you don't need to hire someone to take the body away. If your family is willing to do it, your body can really rest at home and your family members can file the paperwork needed to do all that. Also, you can decide whether or not you want to be embalmed. Do you want to have a viewing? Number two would be what the industry calls your disposition method. So how do you want your body? to be disposed of, essentially? Do you want to be cremated?
Do you want to be buried? And then the final step would be, how do you want to be memorialized? Do you want to have a service? Would you like that service to happen with the body? Or would you want a memorial service later? Do you want a party? Where do you want your final resting place to be?
So a lot of things to consider when planning for end of life.
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