Last year over two million American funerals were planned and paid for in advance. Why is this a growing trend? There are several reasons for it.
By planning your funeral ahead of time it is much easier for the loved ones left behind. Your expressed wishes will be carried out, and it will relieve the financial burden on your family.
When a funeral home in Illinois receives payment more than 30 days prior to a funeral those funds must be kept in some form of protected account. Sometimes the money is invested in a Licensed Funeral Trust Account, like the ones set up through Brust Funeral Home, and kept in a local financial institution. Often the funeral is protected with a special form of Life Insurance. These are now being offered by several different companies.
In Illinois funeral homes are under stricter regulations than are cemeteries. People are protected from the losses that have occurred in some circumstances when a cemetery has gone bankrupt. If a funeral home goes out of business the funds are still protected in the name of the individual and may be transferred to another firm.
In most circumstances the family will not have to pay more in the future for the services and merchandise paid for at today’s rates, no matter what happens to inflation. The bank trust or insurance policy will increase in value at least at the rate of inflation. If there is more in the account than the funeral costs as the time of need that difference will be returned to the estate or the heirs.
Call Brust Funeral Home for more information on the value of planning and prepaying for a funeral.