Explanation should include
- methods of payment
- responsibility of payment
- funeral charge
- top priority
- paid first
- in proportion to value of estate
- a discussion of the differences between an estate and administration executor
- funding sources (e.g., prepaid funeral, life insurance, preplanning)
- funeral director's professional fee
- coffin or casket
- crematorium or cemetery fees
- floral tributes
- clergy fees
- newspaper notice
- transport (if necessary).
Teacher Resources:
Process/Skill Questions:
- How do the responsibilities of an administrator and an executor of an estate differ?
- What is the average length of time to wait for payment from an estate?
- How does common law in most states determine/influence who is to be paid first out of estate funds?
- What percentage of people have life insurance?
- What are the options for those who don’t have insurance?
- What is the major expense in planning a funeral?