When you prearrange your funeral, the funeral director at Hampden Gilpatrick Funeral Home records your wishes to be carried out at the time of death. These instructions are kept on file at the funeral home until they are needed.
It is not compulsory to pay in advance for prearranged funerals. However, pre-payment offers many advantages. This option allows you to pay for tomorrow's funeral in today's dollars. It also provides peace of mind in knowing that financial obligations will not be placed upon your estate or your next-of-kin.
If you choose to pre-pay for your funeral, you have several options:
- Depositing the full sum of money at once
- Installment payments
Pre-paid funds
All funds pre-paid directly to the funeral home are deposited in a trust account with a financial institution in accordance with the Prearranged Funerals Act, which guarantees your contribution for as long as you live. Interest earned in the trust account stays with the principal amount in trust to offset inflation and fully fund the cost of the funeral.
In the event you move to another city, contact the funeral home. The funeral director can usually make arrangements to "transfer" your prearrangement to the funeral home of choice in your new location without the necessity of refunding the contract.
Pre-paid funds are protected. All pre-paid funeral funds placed in trust are protected by FDIC.