A recent study by Empathy.com has shown that the average family incurs over $12,000 in unexpected expenses after a family member passes away. Every year, 3 million individuals pass away in the United States, some of whom have estate plans and others who leave all the questions to be answered by their family members. Funeral costs can be extensive and expensive.
Many people do not realize the comprehensive aspects of planning ahead for a funeral, and failing to plan is still a plan because it leaves your loved ones in the difficult situation of making these decisions after you pass away. This doesn’t incorporate your individual wishes and intentions and could even put them in a financial bind.
Some of the average costs for services spent by family members around the country include:
- $3,910 in attorney fees
- Over $7,000 for funeral or memorial expenses
- $2,456 for accountant support
- $4,461 for real estate professional help
- $1,637 for social workers or therapists
Approximately one in seven families had a little bit easier road with these expenses because their loved one had paid in advance for those costs. Set aside the time to meet with an experienced estate planning attorney to make sure you have thought of a way to help plan for these potential expenses and make things easier on your loved ones.
Need more support with the next steps in your planning? It’s time to talk to an experienced lawyer about your options. We’re here to help and guide you through the process.