A Prepaid Funeral Trust is an essential part of estate planning, ensuring your final arrangements are handled according to your wishes and easing the financial burden on your loved ones. At Heritage Law Office, our experienced attorneys in Wisconsin will thoroughly review your needs and wants when planning your estate and provide an outline of your best options. Contact us online or at 414-253-8500 to schedule a free consultation today.
Why Choose a Prepaid Funeral Trust? The Advantages in Wisconsin
A prepaid funeral trust can offer a variety of benefits. It can provide peace of mind, knowing that your funeral expenses are covered and your family won't have to carry the financial burden. It's an important consideration in planning your estate in Wisconsin.
Estate Planning Benefits
A prepaid funeral trust is exempt from probate. This means that the funds set aside for your funeral are immediately accessible upon death, and they won't be delayed by the probate process.
With a prepaid funeral trust, the costs are locked in at today's prices. This can save money in the long run, protecting against inflation and increasing funeral costs.
The Legal Aspects of Prepaid Funeral Trust in Wisconsin
Understanding the legal aspects of a prepaid funeral trust is crucial. In Wisconsin, these trusts are regulated by the state, ensuring your money is protected.
In Wisconsin, the law requires that funds paid into a prepaid funeral trust be held in an irrevocable trust. This means that the funds can't be withdrawn until the time of death.
The Wisconsin Department of Financial Institutions regulates prepaid funeral trusts, ensuring they're handled properly and the money is safe.
Setting Up a Prepaid Funeral Trust: A Step-by-Step Guide in Wisconsin
Setting up a prepaid funeral trust involves a few important steps. This process can be streamlined with the assistance of an experienced attorney in Wisconsin.
Choosing a Funeral Home
The first step is to choose a funeral home that offers prepaid funeral trusts. This will be where your funeral services will be held and where your trust funds will be directed.
Planning Your Funeral
Next, you'll need to plan your funeral and determine the costs. This can include everything from the type of service you want to the casket, burial plot, and more.
Setting Up the Trust
Once you've planned your funeral and determined the costs, you can set up the trust. This involves putting money into the trust to cover the costs of your funeral.
Understanding the Impact on Government Benefits in Wisconsin
An important aspect of prepaid funeral trusts that should not be overlooked is their potential impact on eligibility for government benefits. In Wisconsin, funds in a prepaid funeral trust are usually not counted as assets when determining eligibility for Medicaid and other benefit programs.
Wisconsin law allows individuals applying for Medicaid to set aside funds in an irrevocable prepaid funeral trust. This allows you to plan for your final expenses without jeopardizing your eligibility for Medicaid benefits.
SSI and Other Benefits
Just like with Medicaid, money in a prepaid funeral trust is not usually counted as an asset when determining eligibility for Supplemental Security Income (SSI) and other government assistance programs.
Contact an Experienced Prepaid Funeral Trust Lawyer in Wisconsin
When dealing with something as important as a prepaid funeral trust, it's crucial to have experienced legal guidance. Contact our attorneys at Heritage Law Office by using the online form or calling us directly at 414-253-8500. We're here to help with all aspects of estate planning, including setting up a prepaid funeral trust. Contact us today to schedule a consultation and find out how we can assist you.
Frequently Asked Questions (FAQs)
1. What is a prepaid funeral trust?
A prepaid funeral trust is a legal agreement you enter with a selected funeral home to provide funeral services upon your demise. The trust is funded during your lifetime, and the funds are used to pay for the pre-selected funeral services.
2. Why should I consider setting up a prepaid funeral trust in Wisconsin?
Setting up a prepaid funeral trust ensures that your funeral arrangements are taken care of according to your specific wishes. It also alleviates the financial burden on your family members and can provide peace of mind. It can also help in estate planning as it is not subjected to probate.
3. How do I fund a prepaid funeral trust?
You can fund a prepaid funeral trust either by making a lump sum payment or through installment payments over a period of time. The choice depends on your financial situation and preferences.
4. Does a prepaid funeral trust impact my eligibility for government benefits?
In Wisconsin, funds in a prepaid funeral trust are usually not counted as assets for the purposes of determining eligibility for government benefits such as Medicaid and Supplemental Security Income.
5. Can I cancel or change a prepaid funeral trust?
Yes, you can change your funeral plans at any time. However, changes may potentially lead to additional costs if prices have risen since you initially set up the trust. As for cancellation, Wisconsin law allows you to cancel a prepaid funeral trust within three business days of signing the contract and receive a full refund. After this period, the cancellation policy may vary.