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The cost of burying a loved one in a traditional full-service funeral runs between $7,000 – $15,000, depending upon the region and services requested, with $10,000 being the median cost.
There are typically three types of funeral arrangements:
- Traditional Casket Funeral
- Creamation
- Burial Vault/Mausoleum
When a loved one dies, the funeral home does many things in a traditional full-service funeral:
- Providing a Casket – This is the most expensive part of full-service funeral costs, running between $2,000 – $10,000.
- Embalming of the deceased.
- Preparation of the deceased body, post embalming.
- Provide Facilities and Staff for Wake/Viewing Services.
- Provide Hearse/Funeral Cars as part of the Church/Religious Services.
- Provide Hearse/Funeral Cars for funeral procession from Church/Temple, etc. to Gravesite.
- Provide Staff for Gravesite Services.
- Prepare Floral Arrangement at Funeral Home for Flowers received by the Funeral Home.
- Provide Audio/Video Equipment.
- Notify Social Security Administration of Death.
- Provision of Death Certificates to Executor/Loved Ones.
Purchasing a Burial Plot is generally not a Funeral Home service. This is done separately, either in advance or shortly after the death of a loved one. Burial Plots range in price from $600 – $10,000.
Veterans are eligible for free Burial Plots, thanks to the Veterans Administration. So, if the deceased is a Veteran, you will need to find the location of nearby Veterans Memorial Cemeteries, if that is an option.
Upon the death of a loved one, it is important to locate in-force life insurance policies of the deceased. If life insurance policies do exist, the funeral home will often wait until receipt of life insurance policy proceeds before seeking payment. So, immediately after the death of a loved one, it is critical to notify all insurance companies of the death. The insurance company will require a copy of the Death Certificate.
Settling an Estate of a loved one is another responsibility. If a will exists, it will designate an Executor or Executrix of the Estate,
The Executor/Executrix responsibilities include:
- Probating the will, if a will exists.
- Transferring certain property designated in the will to individuals specified in the will.
- Transferring Bank Accounts to Surviving Spouse, Surviving Joint Owners or Other Designated Individuals.
- Assist in Transferring the Title of any Retirement Accounts to Designated Beneficiaries of those Retirement Accounts.
The Executor/Executrix will need approximately ten copies of original Death Certificates to assist them in the Probate process.
Tom Corley is an accountant, financial planner and author of “Rich Kids: How to Raise Our Children to Be Happy and Successful in Life”, Effort-Less Wealth, Change Your Habits Change Your Life, Rich Habits Poor Habits and “Rich Habits: The Daily Success Habits of Wealthy Individuals.”
