There are just about as many different types of estate plans as there are people. What this really means is that there is a great deal of flexibility in the type and content of the estate plan that you choose. Estate planning is really designed to protect you and your loved ones regardless of your unique or unusual circumstances.
The basic components of an estate plan include a last will and testament, a durable power of attorney, and a living will and durable power of attorney for health care. Estate planning can also include various kinds of trusts that may be necessary for either yourself or for a loved one.
In addition to these basic components of an estate plan there are also other steps that can be taken by an individual to complete their estate planning. One of these is to obtain a prepaid funeral insurance plan. Doing this allows you to make arrangements with a funeral home regarding such details as the funeral, the casket, flowers, and the actual funeral program that you want to have after you pass away.
In the past, a prepaid funeral plan simply meant that you made payments directly to the funeral home for the funeral that you would have after you passed away. The problem with this is that it would open you up to a loss of money and services if there was a dishonest employee working at the funeral home that took your money, or if the funeral home business went bankrupt or simply went out of business. Things have changed quite a bit.
Currently, most funeral homes still offer a prepaid funeral plan but it is in the form of an insurance policy. This accomplishes two specific things. First, it allows you to lock in a price for a funeral plan with a specific Funeral Home. Second, it provides protection for you because you aren’t actually making payments directly to the funeral home, but rather are purchasing a prepaid funeral insurance plan from an independent insurance company.
By obtaining this kind of a prepaid funeral insurance plan you are protecting yourself. If you were to move, or if the funeral home went out of business or bankrupt, the money that you have spent is not lost. Rather, it can be transferred to a different Funeral Home and can be applied towards the funeral expenses that will be incurred when you pass away. This gives you the ultimate in flexibility for taking this large expense off the shoulders of your loved ones. It also provide you with some assurance that you have made payments that will actually be used on your behalf.
Given the safe nature of modern prepaid funeral insurance plans, we often recommend that our clients seek and obtain this service. Our experience is that our clients feel an even greater sense of relief and assurance when they include a prepaid funeral insurance plan in their basic estate planning.
If you have questions about obtaining a prepaid funeral insurance plan as part of your estate planning, we can help. Call us toll free at 877-232-6101 or 208-232-6101 for a consultation with Lane Erickson and the Racine Olson team of Estate Planning attorneys in Idaho. You can also email Lane Erickson directly at lve@racinelaw.net. We will answer your Idaho Estate Planning questions and will help you solve your Idaho Estate Planning problems.
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