Preneed Information
New York State allows for the advanced funding of funeral services so that the burden of developing a funeral service itinerary and obtaining funds for the funeral are secured and alleviated for the family members that survive.
The method of funding in New York State is by far the best method for pre funding. The state requires that all funds be deposited in an account that is protected by FDIC. All funds given to a funeral home must be deposited in whole without any reductions as commissions or pre funding fees are not permitted under the state laws.
N.F. Walker, Inc. Funeral Home utilizes the New York State Funeral Directors Association’s Pre Plan Trust for all of our pre funded funeral accounts. (www.nysfda.org)
We utilize this trust fund for many reasons. The best reason we use the Pre Plan Trust is consumer based in that the funds deposited receive interest growth far better than traditional bank accounts.
Funerals can be arranged in advance and those arrangements do not have to be funded, or can be funded in part or full. It is your decision to pre fund and the benefits of doing so are yours and yours alone.
New York State mandates that funerals funded in advance be classified in one of two ways, Revocable or Irrevocable.
A Revocable funeral trust account is a minimal activity savings account developed by a funeral home and client to secure savings for a funeral.
An Irrevocable funeral trust account differs from a revocable account in that it is part of your Medicaid application. Also the funds placed in the Irrevocable account are not retrievable by you or your family outside of use for a funeral.
For additional information visit www.nysfda.org