Funeral Trust Agreements are a means of setting aside funds to be used solely for a person's funeral or cremation expenses. The funds in an irrevocable funeral trust are applied to the funeral home's charge for services. Funds may also be set aside for a casket and vault by way of trusts.
When faced with the necessity of nursing home placement and application for medical assistance, the Department of Human Services will advise families to set up these trusts while funds are still available. Our local banks most frequently put the funds into a Certificate of Deposit where they remain until a certified copy of the death certificate is provided.
Currently, there is no trust available to cover cash advanced items (e.g. clergy and musician honorariums, obituaries, flowers, luncheons, etc.) that may be provided by your funeral home. However, the State of Wisconsin currently allows an individual to retain $2,000 in liquid assets (checking or savings accounts) and to maintain a $1,500 life insurance policy that would cover these expenses.
To set up any of these trusts, please contact us and we will assist you in completing the trust form that you in turn take to your bank. Please note, our policy is that you make the deposit payable to your bank, not the funeral home as we have not yet provided the service.