Planning for your funeral, or the funeral of a loved one, in advance can help you make informed decisions and remove some of the burden on your loved ones.
If you plan to prepay for your funeral expenses, the Federal Trade Commission suggests considering these questions before putting any money down:
- What are you paying for? Are you buying only merchandise, like a casket and vault, or are you purchasing funeral services as well?
- Abbey Caskets offers an easy prepay option that allows you to select from our beautifully handcrafted caskets, lock in your price and rest assured your wishes will be met while removing some of the burden of funeral planning from your loved ones.
- Abbey Caskets offers a Funeral Expense Trust that allows you to set aside funds for your funeral without having to make final decisions about your funeral service. These funds can be used for your casket, vault or any funeral goods or services provided by the funeral home of your choice.
- What happens to the money you’ve prepaid?
- When you prepay for your Abbey Casket, those funds are put into an insurance funded trust. This provides the greatest protection of your funds. When Abbey Caskets is notified of your death, your fully paid casket will be delivered to the funeral home or other location of your choice.
- The same applies to a Funeral Expense Trust with Abbey Caskets. Those funds are also protected in an insurance funded trust and can be applied towards funeral goods and services at any funeral home at the time of death. If any funds remain in the trust after the funeral service has been paid for, those funds will return to the estate of the deceased.
- What happens if there is a price increase on the casket I have prepaid for.
- One advantage of prepaying for your Abbey Casket is that your price is locked in and you will avoid any future casket price increases that may take place.
- What happens to the interest income on money that is prepaid and put into a trust account?
- When you prepay for your casket or purchase a Funeral Expense Trust you are supporting Abbey Caskets and Saint Meinrad Archabbey. The interest earned on the trust helps to offset any price increases and will be sent to Abbey Caskets. Abbey Caskets is a work of Saint Meinrad Archabbey, meaning those funds will support the monks of Saint Meinrad and their mission of prayer and work.
- Are you protected if the firm you dealt with goes out of business?
- When you prepay with Abbey Caskets, your funds are protected in an insurance-funded trust. If Abbey Caskets would go out of business, those funds are still available for you to use at the funeral home of your choice.
- Can you cancel the contract and get a full refund if you change your mind?
- When the contract to prepay for your casket is signed, the funds are refundable for 30 days. So if you decide, within 30 days, you want a different casket or no casket at all, we can easily return your money to you. After 30 days, the contract is irrevocable, meaning the funds cannot be returned.
- However, even though the funds are irrevocable after 30 days, they are still transferable. If you decide that you want to buy a casket through your local funeral home or another casket company, the policy you purchase can be used towards any funeral expenses at your funeral home of choice.
- What happens if you move to a different area or die while away from home?
- Your Abbey Caskets prepay or Funeral Expense Trust can be used towards any funeral expenses at your funeral home of choice nationwide.
- Do I have to plan my funeral now?
- No! That is one of the true benefits of using Abbey Caskets’ Funeral Expense Trust. You can set aside funds for these expenses now, but you can either make the selections at a later time or allow your family to do that when the time comes. Either way, the money will be ready to pay for whatever funeral services are eventually chosen.
Although it is good to be prepared, you should also be informed about what you are purchasing. It is OK to request information and pricing on funeral arrangements and discuss these decisions with family members. Remember, you don’t have to plan it all in one day.
Be sure to let your family members know of the arrangements that you make and if they are paid for. Show them where you keep your paperwork, or give them copies of your paperwork to keep on file.
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