The loss of a loved one is something that know one ever seems to be emotionally prepared for and for years, most people have looked to a funeral parlor to assist their family with all of the funeral arrangements. Our Financial expert Aaron Maguire has some guidance on what to look out for when you are faced with the loss of a loved one.

Aaron, I know this a sensitive subject, but where should we start?

A funeral is often the third highest, single item expense that you will have to pay for. Talk to your family members ahead of time to decide what you would like to happen to you in the event you pass away. Decide now, if you want to be cremated or buried. Do your homework, find out now what your expenses will be so you and your family can be prepared. One way to discover costs is to check online. There are many online companies and casket stores that you can choose from to assist you. Plan out the details, create a file, and file it away, just make sure your family knows where the file is

Are there certain questions you should ask at the funeral home?

Make a few calls first to see what the expenses are going to be for the local funeral homes in your area and compare the prices, they are required to provide you with a price list of all goods and services they provide, the moment you step into the funeral home.

Bring a friend with you for support

You don’t have to buy your casket from the funeral home. You can buy your casket online and simply have it shipped to the funeral home…this could save you thousands.

You actually have the option to buy your grave, marker, urn, casket or any other funeral product from some place besides the funeral home

What about buying a prepaid funeral plan?

Pre-paying for your funeral is probably something you want to stay away from. The prepaid instructions are usually unchangeable. The funeral director might interpret your choices rather than your family. The pre-paid plans are often inflexible and lack portability. The seller of today’s funeral services may not be in business at the time of the consumer’s death. Put the money in a bank and save it or invest it based on your risk tolerance

For more financial related advice visit www.reliancewealth.com or e-mail Aaron.