Many years ago in estate planning it was very common for banks and other financial institutions to present you with a form that could be used for ensuring that you have a method to pay for your final arrangements.
A funeral trust is simply that: a trust that has been created to pay for those final expenses. More often than not, these forms were created by a bank rather than an estate planning attorney and while an estate planning attorney might still create such a document for you today, they are far less common than they used to be.
Usually these are presented to you by funeral homes in a pre-planning process. Although funeral trusts are potential still available to you, it can be a far better idea to sit down with your estate planning lawyer and discuss the types of trusts available to you and how you can anticipate moving forward effectively.
The support of an experienced and dedicated estate planning attorney can go a long way in helping you to accomplish your individual goals and verify that the proper documentation, such as powers of attorney, living wills and beneficiary forms are all properly completed and updated in line with your unique needs.
Schedule a consultation today if you are concerned about leaving behind assets that will enable your loved ones to pay for your funeral expenses and other costs. At our Virginia Beach estate planning law office, we’ll work with you directly to give you confidence that you estate plan is up to speed with your plans.