THE HIDDEN AND OBVIOUS EXPENSES WHEN PARTING WITH SOMEONE CLOSE TO YOU
“…but in this world nothing can be said to be certain, except death and taxes” written famously by Benjamin Franklin. However grim, it is inevitable that death awaits us all and most of us have to face the fact that older relatives and friends will pass away before us. If such a situation occurs it is best to deal with matters quickly and discreetly so as to leave more time for mourning or consoling others.
Being well informed about all possible expenses is at the top of the list as death, although already a tragedy, can be very expensive.
First Things First
Apart from contacting everyone who was close to the deceased and everyone who did business with them, there come the first expenses. Getting a legal confirmation of the person’s death, putting up a brief notice of the event in the newspaper (and printing out several copies to distribute in public places, as is tradition in many places) and arranging a funeral.
The Federal Trade Commision estimates say that an average funeral in the USA costs up to 10.000$, although it can be much, much more. The single biggest expense at a traditional funeral has always been the coffin, usually offered by the funeral company who will be arranging the whole procession – although it can always be ordered from a carpenter too. Similarly to that, as it is becoming more and more popular, when the deceased is to be cremated a fitting urn has to be chosen which brings expenses down.
Embalming, costing up to several hundred dollars, is needed if the funeral won’t be organized in a few days time.
At the procession itself it’s worth keeping in mind that flowers or farewell messages are brought by everyone, but the ones organizing the funeral are expected to provide refreshments if needed.
If family or friends came from far away to say their goodbyes, one should take care of their lodgings while they are visiting, which can also account to a hefty sum.
After The Funeral
Once the dust settles, those left are very quickly faced with a few more tasks and expenditures. Apart from an annual fee for maintaining the grave (mostly depending on municipal regulations) the passed ones leftover bills and debts have to be taken care of. This is usually paid from the remaining estate, though it first has to be divided between those deemed to inherit parts of it, as well as the estate.
The estate tax is the tax on the transfer of the estate of a deceased person, either being transferred by a will or by state laws. Because of the rather high margin for the tax only a few thousand estates in the US are liable for it.
One more thing that can present a significant cost is moving out the deceased one’s belongings. If, for example, your grandparents’ house is now unfortunately left without residences, it should be taken care of not to deteriorate. Whether you are thinking of making a small museum to commemorate them or maybe moving in yourself, there is a house full of their old belongings that need to be stored, recycled, sold or thrown away. This requires time and manpower to do, as does any moving, though this does carry the weight of sad memories usually.
How To Cover Expenses
The sum, when put down, is a large one for most people and very rarely can someone just grab into their wallets to cash it out. The usual way to go is to spend a part of the inheritance on the funeral, though sometimes it is not possible to wait so long to receive it.
If thinking ahead one should consider buying life insurance or final expense insurance, as we find out from MedicareLifeHealth.com. This is a relatively easy way to get cash to cover the burial expenses and other related expenses as the premium is paid rather quickly after the insured person dies.
A rather difficult subject to talk about but it should be discussed on time with an older loved one so as not to fall into needless debt later on.
As was said at the beginning – death cannot be avoided. We just have to make sure that we are prepared for when it arrives so it doesn’t cause more harm than it usually does. Whether you have to reach for your own pocket at a moment’s notice or someone has thought about it ahead – parting from a loved one is net loss either way.
