Pre-planning your funeral

What to do at the time of death?

You’re not alone if you and your family want to preplan your funeral. For some individuals, preplanning will give them peace of mind that their surviving family members won’t need to worry about everything once they pass. Others do it to ensure their family members perform their final rites as they wish. 

Regardless of your reasons, rest assured that your money is safe in our hands. New Jersey requires prepaid funeral expenses to be stored in a trust account. Jeffer & Harris also partners with New Jersey Prepaid Funeral Trust Fund (Funeral Planning CHOICES) to ensure your money is safe in an FDIC-insured account. 

The amount you set aside for prepayment will be registered under your name and accumulate interest as time passes. In most cases, these funds are strictly yours, and we won’t gain access to anything until after the funeral. The accumulated interest will also let us lock in today’s price.

Aside from irrevocable trusts set up for Medicaid purposes, your payments are fully refundable before the funeral. You can claim a refund of the entire trust amount and the accrued interest.

We highly recommend our clients preplan their funeral. However, it’s your choice whether to pre-fund it. Preplanning may not give you the same financial benefits, but you and your loved ones will know what to do about your funeral arrangements. Even if you are not ready to prepay now, exploring all available options well in advance is advisable.

If you use an irrevocable trust to comply with Medicaid requirements, pre-funded funeral arrangements don’t count as countable assets. This financial “shelter” will keep your money from being depleted and avoid using personal funds for funeral expenses. But remember, any funds you invest in an Irrevocable Trust for your funeral are non-refundable. 

Jeffer & Harris has many payment options available. If you wish to pre-fund or preplan your funeral, we can help you design something tailored to your needs. 

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