In an article for CreditCards.com, Gary Altman was asked about the most common options and problems when it comes to financing a funeral.
While there are a number of financing options in advance of a death. Afterward, there are fewer. “Most funeral homes won’t let you defer payment because they don’t want to have to try to collect later,” says Altman.
The article cites other options for paying for a funeral in advance, including:
- A prepaid funeral plan, known as an irrevocable funeral trust, which you generally buy from a particular funeral home.
- A Totten trust, which is payable to a beneficiary without going through probate.
- A joint bank account, in which you deposit a sum of money in a bank, savings and loan or credit union with one of your beneficiaries with the intention that he or she will use the money to pay for your funeral.