People often plan their own funerals to avoid adding stress to an already compressed and stressed time. Others want to make their own choices, still others see it as part of their estate plan and legacy.

An important part of the decision, is the type of funeral you want. It determines the cost. Funerals range from a simple, private ceremony, cremation, and spreading ashes to an elaborate, public and religious event, motorcade, and entombed at family mausoleum, and reception after. The first is inexpensive and easily planned, the other is expensive and requires extensive planning.

Prepaying involves a contract that stipulates your wishes as well as credit risk. The FTC’s Funeral Rule gives you rights in dealing with funeral homes. It’s important to know them. The downside is prepayment locks in the a fixed price and often hidden charges. Flexibility is minimal, and if you change your mind you’re unlikely to get your deposit back. The risk depends on the aggregate cost and how far in advance you commit. It can be limited to the cost of cremation or encompass all the services a funeral director offers. The economic benefits are time to compare alternatives and the ability to lock in some or all prices. But the largest advantage is that it can be triggered with a single phone call.

You can also prearrange funerals. However, business owners, cost, and services all change. Reviewing pre-arrangements every few years makes sense, as does documenting and sharing them with your family.

Whether the plan is prepaid or prearranged, make sure it is easily accessible at death. One practical way to do this is to enlist a family member’s help in the process. It puts them in a better place to act and to speak for you.