Nobody Gets Out Alive
Dying is expensive. All kinds of expenses need to be paid for when you die, such as funeral costs, death certificates, and various taxes. If you don’t handle these costs before dying, it will be up to your loved ones to cover them.
So just what are some of the costs to consider?
A few of the main expenses include:
- Funeral expenses: Funerals are very expensive nowadays. Burials cost an average of $10,605, while cremations cost an average of $8,515. The infographic below breaks down the costs in greater detail.
- Death certificates: A death certificate costs $6 to $25 depending on where you live. Multiple death certificate copies are often needed, which can bring up the costs to over $100 in some cases.
- Estate taxes: Different states may charge different taxes on any funds or assets that are passed down upon death. Usually tax is only charged on estates worth several million dollars, but some states don’t have an exemption cut-off.
- Debts: Debts are generally not passed down to loved ones upon death unless they are joint debts. Usually your estate will be used to pay off your debts.
There are lots of ways in which you can reduce the costs of dying for your loved ones. When it comes to funding your funeral, you may be able to take out life insurance or set up a pre-payment plan. When it comes to estate taxes, it’s worth investing in some estate planning with the help of a solicitor (there may be ways to dodge estate tax by giving away some of your estate while you’re alive).
Infographic design by Funeral Costs