How to Pre-Pay a Funeral

by MSO

Open an account now to start saving for your funeral. It will put less of a financial burden on loved ones when you pass away.

There are a variety of methods available to pre-pay for a funeral. Funeral homes can set up a regulated trust. You can purchase a life-insurance policy that would cover the cost of a funeral. Individuals can establish a bank account specifically for funeral expenses. You can have the bank pay it directly to the funeral home at your death.

In choosing a funeral home and setting up your pre-paid funeral ask these important questions.

* Who receives the interest on the account?

* Who must pay taxes on the interest?

* Is the prepayment ever refundable, in part or in full?

* Can the plan be used at a funeral home of your choice?

* What happens if the funeral home goes out of business or is sold?

*Can you transfer the plan if you move?

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