The Financial and Emotional Cost When Someone Passes Away

Aside from the other drawbacks, dying has another negative: it isn’t cheap. Yes, the cost of dying can be expensive for both the deceased and those left behind. Good estate planning can alleviate these expenses, but a new study highlights just how much dying can cost.

How Much Time?

A recent study looked at what the cost is of death—both in terms of money and time.

You may already know that a good estate plan can minimize or eliminate completely the necessity to open a probate case. But where a probate case is needed, the study found that the average time it took a probate case to handle the affairs of the decade’s estate was between 12 and 15 months.

This is average. That means that there are a fair amount of probate cases that go much longer. These are usually where the family or beneficiaries are fighting over something in an estate plan, or where there is some dispute about the validity of some estate plan document, like a will or a trust.

Emotional Toll

You may have already assumed that those who are left suffer emotional trauma. The study confirms the obvious—94% of those questioned said they suffered some kind of emotional trauma after a loved one passed away, or suffered symptoms which were related to the wrapping up of the affairs of the deceased’s estate.

Younger survivors, between 18-44, suffered the most in the categories surveyed.

Missed Work

Their work was affected also. Loved ones reported that they missed between 10 and 19 months of work, either wrapping up the affairs of the deceased’s estate, or dealing with their own mental trauma related to the death. But that doesn’t square with the amount of time most companies actually provide for employees to take off work after a death. The average time provided for grieving employees was about 6 days.

It’s worth noting that a good, complete estate plan can minimize all of this trauma—things are already “in place” to be executed, making loved ones’ administration of your estate much quicker and easier, minimizing court time and emotion.

Funeral and Related Expenses

The average cost of the funeral, of course, varies from state to state. According to the study, the average cost was $6,000, although many national estimates are much higher—in the range of $8,000. Other non-funeral costs can add $6,000 in addition to the cost of the funeral.

Just over 40% of those surveyed had to use their own money to pay for these expenses. Many people simply don’t have assets to leave to others to pay for these end of life expenses. Others may have the money, but with no will or estate plan, there is no clear direction on how much to spend on funerals or end of life expenses.

Your estate plan isn’t just for you; it’s for your family and loved ones. Call the West Palm Beach estate planning lawyers at The Law Offices of Larry E. Bray today for help with your estate plan, will, or trust.

Sources:

usatoday.com/money/blueprint/life-insurance/how-much-does-a-funeral-cost/

forbes.com/sites/debgordon/2023/01/31/dying-can-cost-loved-ones-20000-before-lost-wages-and-worse-health-new-report-says/