What’s The Real Cost of Dying? - YouTube

Who had the most expensive funeral ever?

That would be Alexander the Great in 323 BC, who definitely went out with a bang.

He was packed into a solid gold casket and sarcophagus, then transported from Babylon

to Macedonia in a solid gold carriage drawn by 60 horses.

The carriage was so heavy, a special road had to be constructed for the procession…

and legend has it his body was stored in honey to delay decomposition.

This little going away party cost $600 million dollars in today’s currency.

Gold coffins aside, The US Labor department reports that costs related to death have risen

much faster than almost anything else in the last 30 years.

From 1986 to 2017, the Consumer Price Index grew by 95% while caskets rose by 230% over

the same period.

Forget the rising cost of living - dying is the real wallet buster!

There are few topics people avoid discussing more than money and death, so mixing these

taboo topics has resulted in an enormous lack of understanding when it comes to the financial

side of dying.

So, consider us your grim tour-guides on a financial exhumation of what you can expect

your loved ones to pay once you’ve breathed your last.

Industries related to death and dying have learned to exploit an obvious weakness in

the shopping process.

Grieving families are not in a state of mind to be financially savvy.

The emotional drain to comparison shop, look over pricing lists, and develop a detailed

burial plan is not something most relatives want to deal with.

And since most people don’t like thinking about their own mortality, over half of people

don’t have a will.

Seeing as how the death rate seems to to be holding steady around 100%, odds are you will

eventually have to make some funeral-related decisions for a loved one… or yourself.

How much could it end up costing if you or a loved one is pushing up daisies without

putting together a plan?

I think it’s time to…

Run the Numbers!

This is Martha.

Er, WAS Martha.

Martha recently gave up her oxygen habit, and since she left no will behind, her daughter

Brianna has to navigate the financial decisions involved with her passing.

Martha died in a hospital, which according to a recent study, is over 6 times more expensive

than dying at home, with an average final bill of $32,379 dollars.

Youch!

Now, Brianna has to make decisions regarding a funeral service.

The average basic funeral-home service fee is $2,100 dollars, which takes care of the

death certificate, permits, and sheltering the remains.

She’ll have to transport the body.

Her family is requesting a viewing, and the funeral director recommended embalming, plus

makeup & hair services.

She’ll need some staff to help manage the ceremony, a memorial printed package, flowers,

wreaths, a basic metal casket, funeral plot, and last but not least, a headstone.

And even with the funeral taken care of, Brianna’s still not done yet because she’s the executor

on Martha’s estate.

Since she’s busy and the time involved in sorting out Martha’s affairs without a will

is overwhelming, Brianna hires an estate attorney.

It’s not uncommon for estate attorney’s fees to reach as high as $10,000 dollars according

to one industry leader.

So that’s just one more nail in the coffin.

The grim-reaper’s final invoice: a heart-stopping $54,039 dollars.

No wonder there are so many gofundme campaigns for final expenses.

Remember, these are simply averages.

But since Martha didn’t have a will specifying her wishes, it’s not surprising Brianna

went along with these “normal-seeming” choices.

Most people would feel weird about trying to “save a buck” in this situation.

Martha’s estate will be required to pay these fees, but if there’s not enough, the

rest will fall upon her family.

It’s kind of a bummer that arrangements for your death is one of the most expensive

things you’ll ever buy.

And you won’t even be around to enjoy it!

So is there anything you can do while you’re still alive to reduce the financial impact

of dying?

First and foremost, having a will could’ve saved a lot of expense and headache for everyone.

It’s possible that Martha didn’t want to spend her last days in a hospital, and

would’ve opted for care in a nursing facility, hospice, or even at home — all of which

cost significantly less.

The price of drafting a simple will is often around $1,000 with an attorney or just a few

hundred dollars with a turn-key service like LegalZoom or Willing.com.

Considering it might help your loved ones avoid thousands of dollars in legal fees after

you’re gone, that’s a dead-simple financial decision.

And in your will you can specify what you do - and DON’T - want in the way of services

and arrangements.

You can even plan ahead by setting aside funds for your final resting place - in the forms

of a small life insurance policy, or even funeral insurance, which help you hedge against

rising prices.

There are other options besides a pricey casket and burial for your remains.

Cremation is significantly cheaper - often just $400 - $1,000 dollars.

And even less expensive than cremation is a private burial.

That’s right, in many areas, especially rural ones, it’s legal to bury a loved one

yourself on your own property.

Ugh!

You could also donate your body to science and the institution or university will usually

pick up all the costs, including the final cremation after they’re done with your remains.

Or you might’ve seen ads on Facebook promoting biodegradable Burial Pods, a concept that

promises to grow your remains into a beautiful tree.

There’s even a non-profit called Eternal Reefs that will mix your remains with concrete

and put them underwater in an effort to restore coral reefs.

Whatever your decision about your final resting place, it should be exactly that; your decision.

Don’t put off putting a plan into place.

You don’t want your final legacy to be sticking your friends and family with a large bill

and ghosting!

And that’s our two cents!

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If you’ve ever had to deal with funeral costs, what expense took you most by surprise?

We’d love to hear about it in the comments.