While many people do not like to think about dying, it is also common for them to have specific ideas about how they want their funeral handled. This may include a special song you want sung, a bible verse you want read, or where you want to be buried. As a result, many funeral homes offer a preparid burial policy that allows you to plan and pay for your funeral arrangements in advance. The theory is that you not only get assurance that your wishes will be carried out, but it removes the burden from your loved ones in making those decisions while they are grieving.
Having a prepaid funeral policy can be a caring gesture for your loved ones, but it can also cause issues. For example, there have been numerous instances where family members were unaware of the policy until they had already paid for the burial of their loved one, and they had to fight the funeral home to obtain the refund. Even worse, what happens if the funeral home goes out of business before you die? While a lawyer may eventually be able to get these matters sorted out for you, it will take your family’s time and money to do so. Many reputable funeral companies exist and these plans may be best under your circumstances, but having your attorney review this with you will be helpful in avoiding pitfalls.
Another option is to set-up a “payable upon death” (POD) bank account, or, if you have a trust, advising your successor trust of the availability of funds for this purpose. Not only will this allow your money to earn interest, it will be available to you if there is an emergency, and it still provides your loved ones with the financial support needed to pay for your funeral. Additionally, because a POD account or your family trust is immediately made available to your named beneficiary or trustee, as the case may be, upon your death, there is no delay created by the probate process.
The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.