Estate Planning, Part 1

 My mother died in September, so things have been a bit hectic since. The good news for you all is that I've managed to learn a lot about saving costs when someone dies.

First off, it makes sense to pre-pay your burial expenses. The very simplest burial cost my family well over $15,000. However, you can either invest money in something like a CD to pay for expenses in the future, or pay out over months or years if you prepay.

You are not required to buy a casket from the funeral home. Caskets on Amazon, as of this date, start at about $900, and can be shipped directly to the funeral home, and the funeral home must accept the casket and use it without any further charges to you. A simple casket from our local funeral home cost $2,500.

As you choose where to be buried, understand what fees there may be for the burial. My family paid $2500 just to open and close the grave. We still haven't bought the headstone.

If you choose cremation, what will happen to your ashes? And if you choose to donate your body to science, again, what will happen to the remains? 

Answering these questions and planning ahead of time will make your death much easier on your family. 

Bank Bonuses

 If you have a few thousand dollars lying around, you may be tempted to put it into a high-yield savings account or a CD. Those are great options, but there's an even more profitable way to earn money, and that is by trying out different banks and taking advantage of their bonuses.

For example, I opened an account with Chase bank with $2,100. I had to make 5 debit card purchases the first month and maintain a balance of $2,000. After 10 weeks they rewarded me with a $400 bonus.

It's easy to find bank bonuses using your favorite search engine, but you want to check the money/time ratio using something like Nerdwallet's CD calculator. Don't be suckered in by bonuses that sound great but pay less than the going CD rates.

Also make sure to check all the terms and conditions. To waive fees, you may have to maintain a minimum balance (check to make sure whether it's an average, daily, or monthly balance). Some bonuses require certain kinds of direct deposits, others require you to make a certain number and kind of transactions, and so on. You want to be sure to understand all of them so you qualify for the bonus and don't have to pay the monthly fees.

You will have to keep the account open until the bonus is paid. That may mean tying up $5,000 or more for six months or longer. Of course, were you to put the money into CDs, you would be tying up your money for a similar length of time.

When the bonus is paid, you may wish to close the account. Take note of what you liked and didn't like about the bank, and if you close the account, let them know why. I closed my Chase account because it was a business account and they spelled my name wrong! Also, Chase is supposed to offer free notary service, and when I called the main number, the phone menu told me to call back later!

Don't forget to check credit unions; they may pay bonuses, too, and they may offer better rates or terms and conditions. Credit unions are insured the same way banks are, but by a different entity: the NCUA. The NCUA works just like the FDIC, so your money is safe.