I’m a Financial Planner: 5 Funeral Costs You Should Set Money Aside for Now

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It is not a pleasant subject or thought to think about, however, it’s crucial to prepare for what happens after you die. While you will no longer be living, your family and loved ones are going to execute your last wishes, so you’ll want to make sure you outline them accordingly, as well as save money so they do not incur any additional expenses.

Life can be expensive, but so can death. Saving money now to prepare for what happens after you pass away is the best strategy for not putting the financial strain on those who are closest to you, allowing them time and space to grieve without having to calculate the cost.

GOBankingRates got in touch with some financial advisors who specialize in end of life arrangements to get their take on the five funeral costs you should set money aside for while you are still alive.

Funeral Services

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This includes the funeral home cost, embalming, and any ceremonies or viewings, according to Paul Jameson, the founder of Aura.life.

“Depending on the location and services chosen, this can range from $2,000 to $10,000,” explained Jameson. “Pre-planning these services ensures your wishes are followed and helps avoid sudden, emotional decisions.”

“Planning for these costs ensures families are not forced to make decisions strained by financial pressure and can plan for the proper burial that aligns with their budget, cultural practices, and personal wishes,” said Howard Enders, chief operating officer of the Estate Registry.

Burial Plot and Grave Marker

Jameson said purchasing a cemetery plot and a grave marker can vary widely, with burial plots ranging from $1,000 to $4,000 and gravestones averaging $1,000 to $3,000. 

“Buying this in advance locks in prices and gives your family one less thing to worry about,” Jameson said.

Cremation or Burial Costs 

“These costs should be considered when opting for cremation or traditional burial,” Jameson said.

“Cremation typically costs between $1,000 and $3,000, while burial expenses can add up quickly, including the casket, vault, and transport, which can exceed $5,000 together,” he added.

Transportation Costs

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“If the deceased needs to be transported to a funeral home or burial site, the expenses can also add up,” Jameson explained.

“Set aside travel costs for out-of-state family members as these can add up quickly,” Enders said. “Planning for flights, accommodations, and transportation all need to be taken into account.”

End-of-Life Documentation 

“Legal fees for wills, trusts and other documentation related to your estate planning can also be a hidden expense, averaging between $500 and $2,000,” Jameson explained. “This ensures your estate is handled as you wish.

“Setting money aside for these key expenses will ease the financial burden on your loved ones and ensure a peaceful, well-organized farewell,” he added. “Planning gives everyone the clarity and peace of mind they deserve.”