unpaid debts

Many Houstonians have taken the laudable first step of creating an estate plan, so their assets can be passed off after their death. However, people will often forget to include provisions to handle the expenses that occur at the end of a person’s life. If these costs are not incorporated into a person’s estate plan—by putting money away for them—it can leave family members in a difficult financial situation. Below are some common end-of-life expenses—either that many forget to save for or forget to exist entirely—along with how to make sure on how to save this money.

Funeral Costs

It is important to incorporate funeral expenses into a person’s estate plan. When people either do not have the funds saved for a funeral—either in a savings account or as part of a trust that can be utilized after a person has passed away—they are often shocked by the high cost. According to the National Funeral Directors Association, the average funeral in 2019 cost $7,640. By putting this money away when drafting the estate plan, the family will not have to worry last minute about coming up with these funds during an emotionally difficult time.