Page 29 - Bereavement Guide Book

friends will be relieved of the emotional place the funds into a trust account at this
and financial burden often associated with time. There are two types of trust accounts,
making arrangements when a death occurs. irrevocable and revocable.
if pre-funding your funeral, some funeral
homes guarantee their funeral home charges, Both types of trust accounts can be trans-
while others may not. ferred from one funeral home to another.
Pre-need trust accounts in a majority of cases
Are there different types of pre- are irrevocable.
need arrangements? This is as a result of an individual requiring
As opposed to at-need arangements, when long term care, and is at the point of applying
the death has already occurred, there are for Medicaid coverage. An irrevocable trust
several reasons why families choose to make account can only be used for the funeral of
pre-need arrangements. Often, when a loved the beneficiary of the trust account. The trust
one is in a terminal state, and a family is account can be transferred to another funeral
referred to a hospice care, pre-need arrange- home, but can never be revoked. A certified
ments are made. Though the reality of the death certificate of the beneficiary is the only
impending loss is very difficult to adjust to, way the funds can be obtained. A prudent
the funeral director will gently guide the individual, not needing Medicaid, can also
family in planning the funeral. A family in establish a pre-need arrangement and place
this situation will have the option to the funds into a revocable trust account for
themselves or another family member.

Peace and Tranquility Funeral Home | Page 29