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Paying for a Funeral with a Bank or Funeral Trust

 

You can fund your funeral with a bank or funeral trust. A funeral home opens a trust account in your name at a bank and is marked POD (pay on death).

Primarily for funeral expenses, it's irrevocable (can't be removed) and can only be drawn out when death occurs. The trustee can invest it in a five-year CD which pays a bit more than regular savings.

If invested in risky bonds and stocks, says one funeral director, the trustee should buy aninsurance policy to protect it.

If you go this route, make certain your money is wisely invested and that the funeral home itself is working through a reputable, financially sound bank.

 

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