A common form of funding and funeral pre-arrangement is through a funeral trust agreement. This is a contract between the funeral home and an individual for the purpose of pre-arranging a funeral. The agreement specifies who the arrangements are for, what exactly the funeral home will provide at the time of death and how much money the patron paid to the funeral home to provide the arrangements.
This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
The Wisconsin Irrevocable Funeral Trust, also known as the Prearranged Funeral Trust Account, is an important financial tool designed to ensure that funeral and burial expenses are covered in advance. This trust account offers peace of mind for individuals and families in Wisconsin who want to plan for their funeral arrangements in advance and protect their assets. The Wisconsin Irrevocable Funeral Trust is a specific type of trust created under Wisconsin law to help individuals and families set aside funds for funeral expenses. By establishing this trust account, individuals can take control of their funeral arrangements, relieve their loved ones from financial burdens, and potentially qualify for Medicaid assistance in the future. This trust account operates under the "irrevocable" designation, meaning once it is established, the assets placed in the trust cannot be changed or withdrawn. This ensures that the funds are solely dedicated to covering funeral costs and cannot be utilized for other purposes. There are different types of Wisconsin Irrevocable Funeral Trust — Prearranged Funeral Trust Accounts available to cater to individual needs and preferences. These commonly include: 1. Single-Pay or Lump-Sum Plan: As the name suggests, this type of account allows individuals to make a single payment to cover their entire funeral expenses. It offers simplicity and ensures that all costs are paid in advance. 2. Installment Plan: This plan allows individuals to make regular contributions towards their funeral expenses over a specific period. These contributions can be monthly, quarterly, or any other predetermined frequency. 3. Revocable to Irrevocable Plan: Some individuals may initially establish a revocable trust and then choose to convert it into an irrevocable trust later. This flexibility allows individuals to test the waters and make changes as per their needs before finalizing their plans. 4. Irrevocable Assignment Plan: In some cases, individuals may choose to assign life insurance policies or retirement accounts to the trust to fund their funeral expenses. This plan allows for the conversion of these existing assets into an irrevocable trust, ensuring they are allocated specifically for funeral costs. The Wisconsin Irrevocable Funeral Trust — Prearranged Funeral Trust Account serves as a valuable tool for individuals and families in Wisconsin to plan, secure, and fund their funeral expenses ahead of time. By exploring the different types of plans available, individuals can tailor their trust account to their unique circumstances and ensure a dignified, financially stress-free funeral for themselves or their loved ones.
