Burial Insurance Topics
What Is A Burial Fund?
What Are Burial Funds?
According to the social security web page, a furial fund is exactly what is says it is, it is a fund of money which is set aside to pay for your burial expenses. Burial funds are:
- revocable burial contracts
- revocable burial trusts
- other revocable burial arrangements (including the value of certain installment sales contracts for burial spaces)
- financial accounts (e.g., savings or checking accounts)
- other financial instruments with a definite cash value (e.g., stocks, bonds, certificate of deposit, etc.)
Types of Burial Funds
There are different types of burial fund, but all are ultimately aiming at the same goal – making sure that your funeral expenses are sorted out in advance and alleviating any financial pressure from the loved ones you leave behind, after all, they’ll have enough on their plates don’t you think? Burial funds can be kept in a variety of ways:
- Money in a bank account (make sure there’s plenty of it, if there’s a bit left over all the better)
- Money in some sort of insurance policy or other financial instruments
- A prepaid burial arrangement
As usual, different states have different laws about such things so it’s really worth checking up with your local Social Security office, for example, in some areas you can simply pay a specific funeral home in advance for your own funeral – it may seem a little weird but it is sometimes an option.
How Must Burial Funds Be Used?
These funds must be clearly designated for the individual’s or spouse’s burial, cremation or other burial-related expenses. Property other than that listed in this definition will not be considered burial funds and may not be excluded under the burial funds provision. For example, a car, real property, livestock, etc., are not burial funds.
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ce) is a basic issue life insurance policy that covers people until they reach 100 years old. Burial insurance (also known as funeral insurance) is promoted as a way to pay in advance for your funeral expenses so that your loved ones won’t have to pay for your funeral. There are many things you can do to make your death easier on the wallets of those you love. Preplanning your funeral saves money and grief, as well as deciding whether you want to be buried in a casket or cremated and put into and urn, figuring out who gets what part of your estate and all the related turmoil associated with the end of life.