How Prepaid Funerals Work and Why They’re Important

September 8, 2021 11:24 pm Published by Leave your thoughts

While planning a funeral service in advance may be the last thing you want to do, the reality is that it’s a smart move. It will help you and your family avoid unexpected costs at a difficult time, allowing you to prevent unnecessary stress. For those who want to avoid a hefty funeral bill and prepare financially for the future, finding a funeral home offering prepaid services is the way to go.

Preplanning a funeral

A prepaid funeral is exactly what it sounds like; making funeral arrangements for yourself or a loved one in advance. People prefer to make funeral arrangements this way to prepare for the emotional and financial burden that comes when a loved one passes away. If you’re arranging a prepaid funeral for yourself, this can act as a last gift to your family, showing that you were thinking of their needs to help them get through this difficult time.

One way to set up a prepaid funeral is to create a joint bank account with a loved one for the express purpose of paying for a funeral. This way the other family member has access to the account and can use it to pay for your service when the time comes. They won’t have to go through the process of gaining access to your checking account, which can take weeks. Alternatively, you can ask your bank to create a “Payable on Death” account and name the loved one as a beneficiary.

Other benefits of preplanning a funeral

One important element of preplanning is that the person the funeral is being planned for—whether it’s yourself or a family member—will have the final say on how their life will be remembered. You also have time to consider all the specifics and determine what exactly is the most important. You can also secure your final resting place, such as a specific burial plot.

Whatever you decide to do, it’s important to discuss your plans with your loved ones. That way everyone can be on the same page and there will be no points of tension down the road.

Why pay a specific funeral home?

If you decide to go with a specific funeral home, you can set up a revocable trust with them in order to make prepaid funeral arrangements. This usually involves signing a contract allowing the funeral to be paid for in installments. The funeral director deposits your payments into an account. Then, when you pass away, the funeral director—who acts as a trustee—will use the funds from that account to cover the cost of the funeral.

If you’re looking for a family-owned funeral home, Marik-Baken Funeral Services Ltd. has proudly served the local and surrounding communities with caring, professional and personable services since 2006. Barbara Marik-Baken, our owner and director, is a fourth-generation funeral director who is dedicated to providing personalized care to meet the specific needs of each person and family to best honor the life of the loved one who has passed. From prepaid funerals to memorial services and cremation, we offer a wide range of services to meet your needs. Reach out today to learn more about how we can help during a difficult time.

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