It is no gainsaying to state that funerals in America are an exceedingly expensive affair. Estimates from funeral service in Tallahassee, FL, state that it can cost as high as $8,000 to organize a befitting funeral for a loved one. Figures presented by the National Funeral Director Association (NFDA) also support the calculations made by funeral service Tallahassee, FL.
In essence, we have a situation where families and loved ones have to experience aggravated financial losses while still grappling with the physical and emotional toll of the deceased’s departure. However, this is not supposed to be the case. If the funeral bill feels overwhelming, there are viable sources of funding you can consider.
Fastest Ways to Raise Funding for a Funeral
Here, we discuss some of the channels to raise financing for the funeral service of a loved one:
Tapping into the Deceased’s Finances
The fastest means of funding for funeral proceedings is to take advantage of financial arrangements that the deceased might have made for this purpose during their lifetime. For instance, the deceased may have taken up a comprehensive life or final expense insurance policy. The insurance company is then liable to pay for the funeral and other expenses that may relate to the subject’s death, including medical bills.
However, in the absence of this, you may look at other financial items or plans the deceased had, such as their assets. For the funeral service, we strongly recommend that you only go for liquid assets such as stocks, ETF holdings, money market funds or even cash in the bank. These assets are easily convertible to cash, and you can access them in time for the funeral.
We don’t recommend selling illiquid assets such as landed property, vehicles and private company shares as they are much more valuable. But, then, it often takes time for them to get sold.
Family and Friend Contributions
Another easy and quick source of funding is the contributions from the relatives and other associates of the deceased. One benefit of this is that it lessens the financial burden on a single party and shares the responsibility across the board.
Furthermore, it helps you avoid selling the deceased’s property that would be best shared among their survivors. Lastly, there are higher chances of raising significant surpluses that you can channel towards relief for the family.
All you need do is host a meeting of the closest family and friends and call for donations. Note that such a meeting can be virtual in the current remote world.
This is not the most recommended but can be tapped into, especially if other channels don’t work out. Alternatively, even if other funding sources are available, you can still use this to raise greater sums for gainful initiatives such as a memorial fund or scholarship in the name of the deceased.
Crowdfunding has become seamless with technology as you can set up campaigns on online platforms like Kickstarter, GoFundMe, and Indiegogo. You can either make the crowdfunding campaign closed and limited to the deceased’s friends, associates, and colleagues, or you can throw it open to the general public.
The death of a loved one is grossly undesirable. But when it happens, survivors are obligated to host befitting farewell services for the departed, which are often costly. However, based on recommendations from the funeral service in Tallahassee, FL, we have outlined channels through which you can raise funding quickly.