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.