Planning for the eventuality of your funeral is always advised. By establishing your desires and arranging things as much as possible, you save your loved ones a lot of stress and overwhelm at the time of your death. One of the ways you can help your family after you have passed away is by establishing an Irrevocable Funeral Trust now.
What is an Irrevocable Funeral Trust?
Irrevocable Funeral Trusts are sometimes called I.F. Trusts, IFTs, Irrevocable Burial Trusts or Irrevocable Funeral Expense Trusts (IFET). An Irrevocable Funeral Trust is, quite simply, money set aside by an individual for the purpose of paying for that individual’s funeral expenses.
The word “irrevocable” is very significant in this phrase: once money is set onto an I.F. Trust, it cannot be moved, eliminated or changed in any way other than for its determined purpose (paying for funeral expenses). The individual no longer owns this money, it belongs to the trust and ultimately, the trust’s beneficiary: the provider of funeral services.
IFTs can pay for almost any services associated with a funeral, including the burial plot, embalming, the casket, and a variety of other expenses as defined by the trust document.
Advantage of an Irrevocable Funeral Trust
The primary intention of a trust is to reduce the stress on your family. Upon your death, your family will be grieving a loss. No one wants to have to crunch numbers and go shopping—it can be a very painful process to plan and pay for a funeral. A funeral trust saves your family from this stress.
Disadvantage of an Irrevocable Funeral Trust
The primary disadvantage of an irrevocable funeral trust is that costs can change. Because of inflation, it’s possible that the money you put in a funeral trust will not be adequate to cover funeral expenses by the time you die.
ABOUT HUTCHISON FUNERAL HOME
We understand that funeral planning can be difficult and the Hutchison Funeral Home is here to help. For over 35 years, we have been providing families in the Metro Detroit area with dignified services that are personal, respectful, and affordable. Our team will work with you to provide personalized recommendations that will fit your vision and your budget. We are here to listen to your needs and wishes. Together, we can create the funeral service that your loved one deserves.
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