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Old 11-04-2011, 09:37 PM   #21
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Oh, please do. We all await your wisdom much as trapped miners await a rescuer.
But wait. Does this mean "please do so" as in make a comment.

Or does the mean "please do so" as in be precluded.

Can we please have a conversation about the grammar in this conversation about grammar.

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Old 11-05-2011, 05:09 AM   #22
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Originally Posted by ERD50 View Post

Why insure for a ~ $10,000 - $30,000 (or whatever) expense? Unless this is a very significant portion of your net worth. Why not just pay it when the time comes (this is separate from pre-arranging, making decisions, etc).

Do you all buy 'I need to buy a new car insurance', or 'new roof insurance'? I don't get it.

You can do a few internet searches and get information on it.

One thing that sometimes comes as a shock... some insurance contract are used for more than just the basic insurance part. It is a financial contract with a strictly monitored and regulated company. They are watched. Plus insurance companies have the competency to manage those types of funds over decades (that is what they do)! The alternatives seem to a Bank and their trust dept. Or a trust with some other entity like a funeral home. If someone prepays at a funeral home... I think most of them use a trust... some just go and buy an insurance policy themselves. I am not sure of all of the details yet... still looking into it.

It seems to be a fairly common practice to make sure funds are reserved, ready and available to pay for the funeral expenses. Especially if one is using a Will and executor. But, there are other options (trusts).

I want to make it easier on our executor to get the money for the funeral without having to run to court immediately.

If you have ever done that job... you know what I am talking about.

Since the Estate Tax laws may change soon and due to our financial situation... I may switch from using the beneficiary on accounts and a Will to transfer the estate using some sort of Trust. That might change my approach to the problem. But I need to visit our estate attorney to discuss it.

Just looking into my options.

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Old 11-05-2011, 05:10 AM   #23
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My parents took care of all their arrangements in advance (plots, vaults, caskets, and all the funeral home and church expenses) except for flowers. This was a nice gift for us children when the times came. The funeral home was first class in taking care of everything on both occasions. I was so impressed as well as relieved of the burden at a time when I would have not been in the frame of mind to effectively deal with the details that my wife and I bought plots, etc. at the same cemetary. We are now in the process of making all the arrangements at the same funeral home. Like my parents did for us I don't want our children having to make arrangements when our time comes. If I go first I don't want the added stress for my wife and if she goes first I don't think I will be in any condition to function mentally for a long time.
The cost is minimal compared to the peace of mind for us as well as in the future for our children.


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