Death Planning
A two part process involving the following steps:
Preplanning
The act of making specific funeral selections (Services & Merchandise) and documenting this information on standardized funeral home and/or cemetery forms for future use & reference.
Prefunding
The act of binding your funeral selections with money, (financing) to guarantee the cost/price. Deposits are typically made to either a funeral home trust (state trust/memorial trust), or an insurance carrier using a modified insurance policy specifically designed to accommodate the funeral & cemetery industry.
Nonfuneral insurance policies do not "lock in" funeral prices and Should Not be used to pay off this debt.
Studies Show that a family should have up to 6 months living expenses on hand after the death of a loved one!
