On-line Pre-planning Form
Planning in advance of need provides peace of mind. The death of a loved one is a time of great loss and advance planning can reduce stress for your family with the knowledge that your preplan has been completed. This allows your loved ones to devote more time to coping with and understanding the loss and less time concerned with funeral arrangements and financial details. Neil R. Rapuano discusses funeral arrangements in advance with an increasing number of people each year. Families are relieved of the anxious responsibility and receive the gratifying assurance that such a matter received sound judgment and that all details were handled with the utmost confidence.
How You Prepay For a Funeral
There are several ways to accomplish this. You may assign ownership or beneficiary rights of insurance proceeds or by establishing a preneed burial trust with either full or installment payments.
There are basically two types of funeral contracts available, the choice of which one being dictated by the individual preferences or circumstances at hand. An irrevocable funeral service contract consists of a statement of merchandise and services selected, an explanation of additional terms and conditions and ownership certificate. We will deposit in escrow with a qualified escrow agent, 100% of all funds received. The contract purchaser shall receive an annual report directly from the escrow agent relating to the balance of the account with the same data available monthly through Maresca & Sons.
The escrow agent only releases funds to the funeral home upon receipt of a legal death certificate validating the contract’s performance. Irrevocable trusts are primarily designed for Title 19 recipients in conformity with State guidelines specifically restricting them from cancellation. Upon request of the beneficiary, a transfer may be made from one funeral service establishment to another.
The revocable funeral service contract provisions are basically the same as those of an irrevocable account except that they may be canceled at any time before performance. Escrow funds are then returned to the purchaser. The revocable trust allows the most flexibility and liquidity and are most often used when a purchaser desires such options.
The most important element of both contract types is the provision of third party custodial responsibility and accountability of all related transactions, separate and distinct from the funeral service establishment.
All monies are deposited and conservatively invested under a master trust program endorsed by the Connecticut Funeral Directors Association. The funds immediately earn interest at a rate designed to protect against any loss of buying power in the future.
Benefits Of Pre-Planning |