Death is an inevitable part of life, and when it occurs, it can be a stressful and challenging time for the ones left behind. Companies that provide end-of-life planning services are in a unique position to support clients and their loved ones beyond the funeral itself. These companies typically provide services like funeral pre-planning, obituary and funeral search engines and even celebration of life event planning after you’re gone! There is a real opportunity, though, to strengthen the foundation of these services by also providing simple estate planning tools. Only 30% of all Americans have an up-to-date last will & testament. So, these simple, online tools seem like a natural extension of traditional funeral services and can provide another stress relieving tool for clients of funeral planning companies.
Estate planning is the process of preparing for the transfer of assets after death. It includes making decisions about how assets will be distributed, who will manage your estate, and how taxes and debts will be paid. It can also involve appointing guardians for minor children and creating advance directives for healthcare decisions.
While estate planning can be a complex and daunting task, modern, online planning tools have made the completion of a basic estate plan simple for most people. Marrying these simple tools with pre-death planning services ensures that end-of-life wishes are carried out and that loved ones are relieved of the stress that inevitably comes after you’re gone.
Estate planning is crucial for several reasons. First, it ensures that your assets are distributed according to your wishes. Without a will or trust, the state will determine how assets are distributed, which may not align with your wishes. Second, estate planning can help minimize taxes and other expenses that can erode the value of an estate. Finally, estate planning can provide peace of mind to you and your loved ones, knowing that your affairs are in order.
Designating beneficiaries is also an important part of end-of-life planning. Ensuring that all your financial accounts, including life insurance, savings and investment accounts are up to date is critically important because these designations override any instructions noted in your will.
Why Funeral Service Companies Should Provide Estate Planning Tools
Funeral service companies have a unique opportunity to provide even more comprehensive support to their clients who are seeking to ease the burden of end-of life decisions from their loved ones. By offering online estate planning tools, they can help individuals and families not only plan their funeral arrangements, but also tie up financial issues and lock in last wishes. Why should funeral service companies should provide estate planning tools?
Funeral service companies have a unique opportunity to provide comprehensive support to their clients. Clients are seeking to ease the burden of not only funeral planning but also after-death financial management for their loved ones. Fortunately, there are simple online last will & testament and associated end-of-life document platforms, like LifeLegacy, available to fill this need. Funeral service companies simply pay a reasonable annual licensing fee and can begin to offer custom-branded estate planning services in days. LifeLegacy also provides marketing support and tracking information so these companies can monitor customer usage and even cross-sell other products within the wills platform.
If you are a funeral planning organization and would like to have a discussion regarding the addition of digital estate planning services, contact Jordan Cassidy at jordan@lifelegacy.io.
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