Lack of quick access to cash often makes the practical problems facing bereaved U.S. families pool worse, according to Empathy, a firm that provides services for grieving families
The company estimates in a new report about final arrangements that only about 14% of bereaved families have access to life insurance, final expense insurance or other dedicated funds to pay the legal bills associated with settling the estates of loved ones who have died.
The report also includes data on other topics related to the arrangements made after loved ones die.
The average bereaved family spends about $5,000 on legal matters.
That total includes an average of about $900 going to pay for a lawyer and legal fees, and the rest going to preparing and selling assets such as houses, the firm says.
About 42% of families use credit cards and checking accounts to pay those costs, and 36% use their savings to pay the bills.
What It Means
Many clients might need help with understanding, managing and saving for the costs associated with the deaths of loved ones, and they also need help with planning for their own final expenses.
Empathy
Empathy is a New York-based firm that offers a package of support services, tied to a website and a mobile app, designed to meet some of the needs of grieving families.
