Having recently been to two - one for an older person, and one for a very young tragic death which is heartbreaking. I can see the argument for both sides, but personally, I've started to realise that I would rather put the money it would cost behind a bar and so those could have a party and a drink on me. In other words, just jump straight to the wake. Several health issues might mean that it is sooner rather than, say, when I am in my 90's so admittedly that helps my decision making.
What would you want...?