When considering prepaid funeral expenses, many people feel concern or guilt. The guilt is derived from an inability to look after their family in their time of need. Many people fail to consider that prepaying the entire sum is not the only option.
If you are concerned about managing the cost of a prepaid funeral plan, you might want to consider a funeral bond. Funeral bonds operate like investments, so you may contribute a sum that you can afford, and have that sum acquire interest over your lifetime.
Although funeral bonds are essentially an investment, you do not need to be concerned about the security of your funds. Government legislation protects the funds in which we invest your funds when the your payment is designated to a funeral director of your choice . The funeral director has no reason nor ability to touch these funds. Much in the way that a rental bond is only paid at the end of the tenancy, your funds will not be released until the time of your passing, without exception. At this point, they will be released to your next of kin for the sole purpose of your after-death care.
You don’t have to make decision alone. You might choose to jointly invest in prepaid funeral services with your partner. In addition to consulting your partner and loved ones, you can speak with a funeral director or financial advisor who will give you information on the management of your investment.
A funeral bond leaves your options open. Should you choose to contribute a larger amount to your pre-existing bond throughout your lifetime, you are able to do so, so long as it does not exceed federal Funeral Bond Allowable unit. A central difference between bonds and prepaid funeral plans is that plans often involve the specificities of the funeral itself. For this reason, it is a good choice for younger investors who do not yet know what form their farewell proceedings will take, or where they will choose to be buried. If your preferences have not yet been cemented, or you are open to the guidance of your family, you might consider this as a solid investment. Regardless, you can still set in place your wishes in an external agreement with your family. It is a secure, yet flexible choice that will be of great comfort to your loved ones at the time of your passing.