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Like making a will, funeral pre-planning allows you to make decisions about what will happen after you pass away. In Torrington, CT, individuals turn to Debra A. Brown, an experienced will and elder law attorney, for advice on an array of estate planning issues, including funeral pre-planning and final expense insurance. Here, attorney Brown offers information on making and financing your final arrangements.

Tips on Funeral Pre-Planning & Payment Options

Funeral Pre-Planning

Funeral pre-planning involves selecting a funeral home and arranging the details of your funeral there. Under the “Funeral Rule” of the Federal Trade Commission, the funeral director must give you a price list for their goods and services. You have several options for paying for your final arrangements, including some types of insurance policies.

Final Expense Insurance

elder law attorneyThese special life insurance policies have low face-value amounts ranging from $5,000 to $50,000, and the intent is to cover funeral costs. You can purchase a policy directly from an insurance company and name the beneficiary, who receives the proceeds when you pass away. The beneficiary is not obligated to use the money for your funeral costs, so be careful to select someone you can trust to follow your wishes. When the beneficiary pays the funeral expenses, if there is money left, the beneficiary is entitled to keep it.

Pre-Need Insurance

With pre-need insurance, there are a few factors that distinguish this special insurance from final expense insurance. For one, funeral home directors sell these policies and receive commissions on the sales. The beneficiary for pre-need insurance is the funeral home, and if the final cost of your funeral exceeds the policy proceeds, someone must pay the difference.

Traditional Life Insurance

As part of your estate planning, you can decide to purchase any traditional whole life or term life insurance policy and designate a portion of it to cover your final arrangements. Your estate planning or elder law attorney will help you make effective provisions.

Attorney Debra A. Brown offers wise and compassionate counsel to individuals making pre-planning decisions. She knows how sensitive these issues are, and she takes special care to fully understand each client’s goals and wishes.

Before making your final arrangements, consult elder law attorney Debra A. Brown in Torrington, CT. Call her office at (860) 496-7717, and visit her website to learn more about her estate planning services. You can also find her firm on Facebook.

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