Often an estate trustee (executor) asks “how do I pay for the funeral?” Sometimes there is money available but many times the estate trustee must obtain the funds from the deceased’s bank account or other sources. Banks are not always informative about ownership of the deceased’s bank accounts causing delays in administration.
On death someone will have to make funeral arrangements for you. Why not you? There are many reasons to prearrange and prepay a funeral.
Funeral arrangements can be very confusing especially on the death of a loved one. At best it is an upsetting emotional time. Often the arrangements are made by a bereaved spouse, child or close relative. This is no occasion to burden someone if it can be avoided!
There are large and sometimes unexpected financial expenses with funeral arrangements including, but not limited to, the choice of casket or cremation urn. If these selections are made in advance by you the costs will be determined by you. What happens when the deceased dies without money to pay the funeral costs. This creates delay and possible confusion as to how the funeral will be paid for. Prepayment solves that problem!
There are numerous government forms and regulations which must be completed by the funeral home for filing with the Ontario government. It has a checklist with most of this information which would be known to you as the pre-planner. Probably someone else making the arrangements would not have the necessary information and it can create a bureaucratic nightmare. It would be good planning if you reviewed the list of funeral home requirements and provided the information then.
Those forms require the funeral home to obtain information about family history some of which only the pre-planner knows. How the pre-planner wishes to be remembered at their funeral is important. This includes music (popular and religious), videos, and generally how the funeral will be conducted. This removes much responsibility for the funeral and it would be appreciated by your estate trustee.
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Where the funeral arrangements are made and prepaid the payment is kept in an interest-bearing government guaranteed trust account. Any interest which is earned can be applied to any additional funeral costs. If there is a surplus, it will be paid to the estate. This surplus is taxable however.
It is a great misunderstanding that the deceased’s funeral wishes in a will obligate the estate trustee to follow them. This is not correct! The estate trustee (person administering the estate) will often be guided by these wishes but they do not have to. Nevertheless if the funeral home has been given preplanning instructions by the deceased it would be unusual for the estate representative not to follow their wishes particularly if the funeral has been prepaid.
Sometimes there is a disagreement among the family members as to what the funeral arrangements should be. With prearrangement disputes amongst the well-meaning and caring family members are minimized . Objections by the family members can be reduced by pre-arrangements and family friction is smoothed over.
Almost the first thing that an estate trustee must do is to arrange a funeral for the deceased. Who pays for the funeral where there is no easily accessible money? This would not be a problem if the funeral costs have been prepaid. If the deceased’s funeral wishes are clear and the funeral costs have been prepaid the estate administration will at least get off to a smooth start.
Do yourself and your estate representative a favour and preplan and prepay your funeral!
