How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask EmplmntLaw1 Your Own Question
EmplmntLaw1
EmplmntLaw1,
Category: Estate Law
Satisfied Customers: 5615
71296933
Type Your Estate Law Question Here...
EmplmntLaw1 is online now
A new question is answered every 9 seconds

I want to prepay my funeral expenses. Is it a good idea to

Resolved Question:

I want to prepay my funeral expenses. Is it a good idea to prepay it to an escrow account held by the funeral home? Should I trust funeral homes?
Submitted: 3 years ago.
Category: Estate Law
Expert:  EmplmntLaw1 replied 3 years ago.
Hi, My name is XXXXX XXXXX I’m happy to assist you with your question today.

Generally prepaid funerals require the buyer to take on more risk than is necessary. I believe the only reason to purchase them is if you do not believe survivors will honor your funeral wishes or if you have no survivors. There are risks of mismanagement or outright theft of your funds, and you risk the funeral home going out of business. With these risks it would be better to set aside the money in a federally insured money market account that earns modest interest and instruct your survivors that the money is designated for a funeral and what type of funeral you'd like.

I believe this answers your question. However, if you need clarification or have follow-up questions regarding this matter, I will be happy to continue our conversation – simply reply to this answer. If you are otherwise satisfied with my response, please leave a positive rating as it is the only way I am able to get credit for my answers. Thank you, XXXXX XXXXX wish you all the best with this matter.

EmplmntLaw1 and 2 other Estate Law Specialists are ready to help you