It may seem morbid, and it is not something most of us like to think about, but planning your funeral while you are healthy and in a semi-emotionally neutral state is beneficial to you and your family in many ways. Mainly, you will save your family money – when family members make decisions based on strong emotions, they are likely to spend more money. In addition, consider the time value of money: funeral costs are going to continue to go up; by paying these costs now, you'll save your family money in the future.
Another benefit of preplanning your funeral is that you can decide how you want your funeral or memorial service to honor your memory. By planning ahead, you can have a say in what clothes and coffin you are buried or cremated in, what music is played or flowers are displayed at the service.
Finally, if you are concerned about qualifying for Medicaid financially, an irrevocable prepaid funeral plan can be exempt from your countable assets. While many states have passed laws allowing for funeral directives that create a statutory obligation for the people who survive you to follow your written wishes, Michigan is not one of them. In Michigan you can state in your Will what your wishes are, but your loved ones can choose not to follow them. However, you can purchase your casket or urn, a burial plot, a service, a reception and other parts of your funeral individually; the funds you pay to a funeral home or cemetery directly are held in an escrow account until you die (and you can change your mind before you die). While you may not be able to control every aspect of your funeral, you can control some key parts and make your wishes known for the remainder by working with a funeral director and your estate planning attorney.
(Editor's Note: Attorney Jessica DesNoyers authored this post while working in Varnum's Grand Haven office. Jessica is currently with another firm.)
