Just a few weeks ago the son of a friend died in a tragic automobile accident. Like all deaths of young people, this was a heartwrenching experience for the family. To make matters worse, there was simply no money available for the burial expenses. To help, a family member opened a crowdfunding account to allow others to contribute to the expenses. It struck me at the time that this must have been a great help to the family. I don’t know what the final tally was but I do hope that this boy’s loved ones found a little peace in having some of the financial burden lifted.
To help cover the cost of a funeral, the median of which exceeds $7,000, according to the National Funeral Directors Association, families are increasingly soliciting donations from crowdfunding websites.
Crowdfunding allows users to seek small donations from people online for various ventures and causes. The capital-raising technique became popular in the wake of the Great Recession when credit markets froze, and has grown to a $5.1 billion market
Funeral crowdfunding is somewhat new and intriguing. To be sure, it is just one of many financial tools that people can use to cover final expenses. Whether or not crowdfunding your loved one’s funeral is the best way to go will depend on your particular circumstances. It is certainly an option worth investigating. The following article contains some basic information and is a good place to start.
Read the full article here: Crowdfunding Funerals: What You Need to Know
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