Preplanning a funeral saves the family a lot of stress by letting them know what you want for the service. While prepaying is also an option, it is not necessarily beneficial for everyone to cover their own service expenses. To give you a better idea of what circumstances call for advanced payment, below is a brief guide to the pros and cons.

The Pros 

The idea behind prepaying for your funeral is sparing loved ones from these future expenses. From the service to the plot, there are many factors to consider, and it’s often difficult for grieving family and friends to decide right after the passing. As such, preemptively covering the costs can take a load off of their shoulders as they mourn. Preplanning also ensures the service is handled according to your wishes. Further, anyone losing assets in the future due to financial assistance like Medicaid benefits from prepaying their funeral. When you set funds aside with an Irrevocable Funeral Trust, that money will not be considered or hold applicants back during the aid eligibility process. 

The Cons 

While it may seem like a great plan overall, prepaying is not viable for every situation. For instance, you cannot predict inflation. Even if the funeral home of your choosing locks in pricing at the time of payment, outside costs tend to change as the years pass. The price of flower arrangements, obituaries, and memorial portraits could end up going over the preset funds, and your family will have to pay the difference or choose less expensive options.

You’ll also want to check the funeral home’s policy on cancellation or altering plans. What if you change your mind about where you want to be buried? Will you receive a full refund? Do you think you may need that money for an emergency? Keep these factors in mind when deciding whether you want to prepay or preplan only.

Are you in the midst of making end-of-life arrangements? Fred D. Knapp & Son Funeral Home provides many options for preplanning your funeral. Depending on what’s best for you and your family, you can choose to prepay for services and merchandise at a fixed price, excluding cash disbursements. Their staff serves the Greenwich, CT, community with absolute transparency, so your contract will cover everything you paid for. You can even make changes to the plan or transfer money if necessary. To learn more about the process, visit the website or call (203) 869-0315 today.