Losing a parent can be one of the most difficult situations a person may experience in their lives. Not only are they now missing this driving force they’ve always had in their lives, but they’re also faced with planning a funeral that appropriately honors their loved one’s life. Having burial insurance is a great way parents can ensure a lessened load for their children, as is saving money in their estate for funeral planning expenses, but what happens when parents either don’t pre-plan or haven’t had the opportunity to do so?
Are children responsible if parents fail to plan ahead? Unfortunately, a simple answer doesn’t quite exist, and it will take some deep diving into the estate of the deceased.
Ways To Make Sure The Funeral Can Be Paid For
There are several outlets for children of deceased parents to approach managing their parents’ funeral costs. Some of these include:
- Paying from the estate – Funeral expenses may be taken care of by using assets in the deceased’s estate, but this will involve some shouldering of the costs. These assets aren’t released immediately and will need to be used to pay back funeral expenses after they’ve been paid upfront first. This reimbursement from the estate does relieve the cost in the long run, but this requires the child or another relative to foot the bill at the time of the funeral first. If the estate does not have assets or funds to cover the cost of the funeral, no reimbursement will be received.
- Prepaid funerals – In some instances, parents may wish to preplan and prepay their funeral expenses. While this is a great stress reliever for children, it’s not without its drawbacks. If the parent passes away in a different location far from their funeral home, or they’ve had some changes in their final wishes, it can be difficult for children to set everything straight. In some instances, funeral homes may have hidden fees or surprise charges unaccounted for that children will now be responsible for.
- When children cannot pay – When there is nothing to pay for the funeral in the estate, no pre-paid plans, and no insurance, children of recently deceased parents can be left in a difficult situation. For those who cannot pay a small sum of $255 may be given by Social Security to offset some minor costs.
- Burial insurance – Burial insurance is a fixed-rate insurance plan that covers all of the associated costs of a funeral. This is often the best plan for helping children to offset or prepare for funeral costs, as it allows for your final wishes to be met without waiting for any long-term reimbursement.
Prepare With Burial Insurance
With burial insurance, policies are paid out in time to pay the funeral home, it covers all of your costs, and children won’t be burdened with the financial responsibility of your funeral while they’re going through the grieving process. For more information about burial insurance and how it can help you, contact us today.