Discussing end-of-life issues can be an emotional experience. Making decisions about the death of a loved one can be difficult, especially if the deceased’s wishes are ambiguous or unclear. Funeral trust often helps families avoid making decisions when emotions can make such decisions more difficult.
What is funeral preparation?
Pre-planning the funeral eliminates the need for family and friends to make difficult decisions. It also allows people to choose their burial space, services, and transportation. Pre-planning allows people to pay funeral expenses and arrange payments in advance. According to Ontario Consumer Protection, one can plan a funeral in advance without prepayment. However, many people prefer to properly position all financial elements for maximum convenience.
What is funeral trust?
Funeral trust can be a wise investment for those who do not make a wish in a will or communicate in writing to someone who manages the property.
Funeral trusts are sometimes referred to as irrevocable or irrevocable. The Irreparable Funeral Trust (IFT) is a tool that can be considered by those facing the high cost of skilled care. IFT will open an account to deposit funeral expenses. Money cannot be withdrawn or refunded and must be used for funeral expenses.
In the United States, IFTs are often considered a qualifying expense in the process of reducing spending on social services. That is, the money deposited in the trust is exempt from the financial lookback period, which helps determine the eligibility of government medical services such as Medicaid, as a countable asset.
Cancelable funeral trusts can be revoked. According to the National Care Planning Council, a revocable trust can be created by anyone and can be dissolved at a later date by the first person to create it.
Various organizations oversee the investment and management of prepaid funeral trust accounts.
When do you need trust?
In some cases, funeral trust is not required. People who have the means to fund long-term care services and don’t need help in later years may not want to lock their money in a trust. Others choose a life insurance policy to pay for their funeral needs.
Funeral trust support
The funeral home may work directly with the company that manages the funeral funds. If you want to know more about the trust, talk to the funeral director. Trusts can also be established in collaboration with long-term care lawyers or funeral trust agencies.
Planning a funeral in advance frees the family from the stress of making funeral decisions in the wake of the death of a loved one.
-Metro Creative Connection