The death of your husband or wife can be financially complicated, on top of the grief you must endure. The reality is that dying in the United States is not cheap. Funeral costs are so high that another kind of pain can weigh on you when your finances aren’t prepared.
According to the funeral comparison site Parting, you can expect that the average cost of a traditional funeral is between $8,000 and $10,000 in the United States.
To prevent the steep cost of dying from becoming a heavy burden for either of you, it’s good that you and your partner start a financial plan now to cover this misfortune. An emergency fund can be a great step, but if possible, set aside resources in another account dedicated to this objective so that life’s path will lead you there when needed.
According to the National Funeral Directors Association, the usual funeral expenses you should plan for and pay for upon someone’s death can be:
- Cost of the casket: $2,000 to $5,000
- Embalming: $500 to $1,000
- Body preparation, such as styling and makeup: $250
- Grave marker or headstone: $2,000 to $5,000 if vertical; $1,000 if flat
- Flowers: $500 to $700
- Transport of remains to the funeral home: $325
- Facilities and staff to manage a viewing: $425
- Facilities and staff to manage a funeral ceremony: $500
- These figures give an approximate total of between $5,500 and $13,200.
But this is just the beginning, because after the death of your husband or wife, you must take care of your finances and, above all, consider some pending matters of your late partner so you don’t run into problems later.
1. Get organized
No matter how soon the loss occurs, you should begin by making a list of the matters you need to review, such as bank accounts, debts, and bills belonging to your spouse. While you may not feel up to it, at any point during your mourning, reach out to a trusted family member to remind you what you need to do when you’re calmer.
2. The will
U.S. News recommends that you consult your spouse’s will and estate plan as soon as possible; to do this, gather all the documents you need. Also during this process, you can approach the IRS to identify financial assets through tax returns.
3. Death certificate
You might fall into the trap of thinking you only need one, but the more certified copies you obtain, the better. You never know how many subsequent procedures will require them.
4. Seek your spouse’s advisers
From banks, financial advisers, lawyers to the Social Security Administration, it’s important to notify the death of your partner. You can also approach any of them for recommendations on how you can manage your finances on your own now.
5. Fulfill your spouse’s wishes
The best thing you can do in the first days after living without him or her is to honor your partner’s wishes regarding any matters they may have considered in their last moments.
You may also be interested in:
- The 7 money questions you should ask your partner before you marry
- How to create an emergency fund, even if you think you have little room in your budget
- How much a funeral costs in the United States and ways to pay for it
