Personal Finance 101 (LLI)
Asked by Anonymous
Asked on 26 Dec 2018
How do the funeral service guys know where I parked my money upon death?
Next-of-kin, sometimes the whole families.
My grandmother just passed away, my father asked to share the cost of coffin money among the family members (including my son, which will be paid by myself).
The total cost could amount to 50k.
Haha, they dont. It is up to your next-of-kin(or whoever that engages them) to pay them.
If u would like to learn about estate planning, feel free to contact me directly.
For this question, it is good to do a will for grant your estate administrator or will executor the Whole Life insurance payout for this purpose. That's what I did when I was at age 22 and bought a small Whole life to prevent any issues.
But you may see how you want to do it.