| What is a prepaid arrangement? |
| You may prepay services and supplies by means of a contract between you and the funeral establishment |
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| What happens to my money? |
| You have two options either it is held in trust for you at a bank, trust company, credit union or fraternal society or you may have the option to purchase an insurance product. |
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| What does the director mean by Guaranteed? |
| At the time of death the funeral director will calculate cost based on the current prices. If the principal plus interest or insurance death benefit is less than the cost of services no other money is owed. |
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| What happens if there is an excess of funds after a guaranteed prepaid funeral has been provided? |
| If you prepaid after June 1, 1990 the balance, if any, of the prepayment funds that are in excess of the cost of delivering the services and supplies contracted for must be refunded to the estate. |
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| How are paid paid funds protected? |
Legislation provides several means for ensuring protection of prepaid funds. At the time of prepayment, the funeral director must provide the purchaser with a contract, signed by the purchaser and the funeral director, showing clearly the services you have selected and the monies you have paid. Within 10 days of the investment of the prepaid funds, the funeral establishment t must deliver to the purchaser an investment receipt from the financial institution that the investment has been made.
If you do not receive a receipt within this time frame we encourage you to contact the funeral home. In addition, trust funds are inspected by the Board of Funeral Services. Funeral establishments must annually submit to the Board of Funeral Services a Report of the Public Accountant on their trust funds. The Board of Funeral Services administers a Compensation Fund that provides compensation in the event of misappropriation of trust monies.
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| How can I obtain information about services or costs? |
Funeral directors welcome and encourage people to make such inquiries prior to or at the time of need. Call the funeral home and request a price list. They must provide a price list without cost or obligation. You are encouraged to compare prices and services by obtaining price lists from several establishments.
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