|4/20/2012 12:23:00 PM|
Pre-planning questions answered
In the January edition of Ask the Funeral
Director we discussed the importance of
funeral pre-planning. Since then we have
had quite a few questions and inquiries
from people. As a follow-up to our previous
article we will answer some of these
Q: My parents already have their funerals
planned and paid for in Florida where they
used to spend their winters and planned on
living full time. Due to illness they are no
longer able to go to Florida and are both in
an assisted living facility in the area. What
happens to the money they paid in Florida?
Can we still use it for funeral expenses here?
ATFD: You will be glad to know that all
monies that are put in a pre-need funeral
trust or funeral insurance policy are
transferable to any funeral home at any
time. All you have to do is let us know that
you would like to transfer a trust and we can
take care of the paperwork for you. It is a
very simple process and you do not have to
contact the funeral home where you want to
transfer the trust from.
Q: I got a letter from a fi nancial institution
asking if I would be interested in purchasing
a fi nal expense policy. Isn't this the same
thing as a funeral insurance or bank trust?
ATFD: No, a fi nal expense policy is much
different than an insurance or bank trust. The
biggest and most important difference is that
a fi nal expense policy is considered an asset
and is not protected if you have to go under
assistance. An insurance or bank trust
through a funeral home is protected under
state law and does not have to be liquidated if
you have to go under assistance.
Q: What happens if I've already paid for a
cremation and a memorial service, but I've
changed my mind and no longer want to be
cremated? Isn't burial more expensive than
ATFD: Burial can be more expensive than
cremation but you can change your wishes
and add money and any other purchases to
your pre-need plan at any time.
There are many variables and questions that
people have when it comes to pre-paying
and pre-planning for their funeral expenses.
Please continue to contact us with any
questions you have and we will be glad to
address them for you.