The last question we want to ask ourselves is, “How much does a funeral cost?” but it is an important part of financial planning that needs to be discussed. When the time comes to actually plan a loved ones funeral our minds tend to be preoccupied and the wrong decisions could be made. A common mistake is underestimating the financial outlay for a funeral so it is wise to plan for between $8,000 to $13,000. Please note that I spend a great deal of my “day job” working with estate issue so these figures are very familiar to me.
Many funeral homes will offer a service bundle that is tailored to the families needs, however they will usually include the basic items like transporting the remains, preparing the body (with and without embalming), permits, coordinating the ceremony, the use of the funeral home facilities for both visitations and a service, and the staff to tend to these events. A hearse will be a part of this bundle, but the price will vary depending on the vehicles used. This type of bundle will start at approximately $1,800 and could go as high as $4,000, depending on exactly what services the family would like.
Next you will need to determine what items are necessary for the funeral itself, like a casket or urn for cremation, a casket vault which protects the integrity of the ground around the coffin; and stationary items like a guest book, memorial cards and thank you notes. Caskets will start at $900 and be as high as $3,000 or more. The casket vaults will also start at $800 and increase to about $1,800. An urn can be simple and cost only $75 while a fancier version will cost as much as $400. The addition of an urn vault will add $600 to the overall total.
The services provided at the grave site are added to the above cost for a funeral. A plot will cost approximately $1,200 to $1,500, depending on the cemetery. The cost to prepare or dig the grave, while expected, surprisingly varies depending on the day of the week and the time of the year. This expense will start at $1,000 and can increase to $1,800. Winter funerals held on the weekend will run to the higher end of the fee schedule.
If the remains are to be cremated service fees will be dependent on the crematorium involved, but will include the cremation fee and a coroner’s certificate. This combined total will average $700 to $900.
Items that fall under the optional category include the cost for a clergy person to officiate at the funeral. Typically an honorarium of $200 is offered. The fee for an obituary is calculated by word, based on the publication used. An average of $125 should be allocated for this. A flower arrangement from the family will start at $150 and increase depending on the flowers selected. A headstone is often purchased after some time has passed so the cost can often be discounted from overall funeral expenses. An average size headstone will start at $750.
In the final calculation for funeral costs you will want to factor in tax, depending on where the funeral actually is. This can add a significant amount to your budget so be wary of this. With the high cost of a funeral you can see why it is so important to plan ahead for this necessary expense.
Many people choose to pay for their funeral ahead of time, years ahead of their demise and from a financial standpoint this is a great idea. The last thing you want to do is burden the family you leave behind with a huge, unexpected bill. Most financial institutions consider the cost of a funeral to be the very first thing an estate should pay for so do not forget to ask at the bank if there is estate money to cover the funeral if it has not been pre-paid.
It never hurts to be prepared so I would encourage you to have a look at the cost of a funeral now, while you still can.
FT&PD
Suz
You may also like to read a bit about dealing with death at a certain age…
Not something I like to think about at my age but I do know that I will be cremated and my ashes scattered in a rose garden or such. There will be enough money in my estate to cover the cost of my cremation.
We were SO thankful that my FIL had a small life insurance policy in place when he passed away unexpectedly earlier this year. Just the cremation was around $3000. He didn’t want a service or a fancy urn, but all those costs would have added up very quickly.
While it’s not something people like to think about or plan for, it is necessary. One less burden for your grieving friends and relatives. Thanks for sharing so much great info.
if there is one thing my mother taught me is to be prepared. The last thing you want your family dealing with on top of their grief is financial issues. I have life insurance on myself and all three of my children. Accidents can happen, not everyone dies from old age and being prepared should something awful happen will lessen the stress during that time.
These are the things none of us like to think about, but we should. It’s so important. My parents pre-paid for their funeral and burial back in the 70’s. I am ever so grateful they did this as today, the costs are so high! It’s one less thing to have to worry about when they pass away.
While we haven’t truly discussed our specific wishes regarding funeral plans, we’ve at least planned to ensure that the majority of costs for a funeral won’t be unexpected. Definitely a hard topic to think about though.
I have no idea what I will do if something happens to my better half, we have no insurance and live pay check to pay check, so it’s going to be rough if something happens to either of us! but I want nothing just to be cremated and I already have a plot
VERY good information! Thanks!
You are most welcome 🙂
Thank you for the information!
I never had to deal with funerals in Canada and hopefully will not need it for a long time, but it’s good to know about costs and procedures. That’s a lot of money though… what happens if the family simply doesn’t have that kind of money? or the person was alone?
Being prepared is so important. A funeral is so expensive. I can’t believe just how expensive.
Such great info that no one wants to think about,but it’s going to happen….