Paying Ahead

Some individuals decide that they would like to Pre-Need, Pre-Pay, Pre-Fund or Pre-Finance their funerals. Pre-Need, Pre-Pay, Pre-Fund and Pre-Finance- these four terms mean the same thing - it means that payment is made for you or your loved one’s final wishes in advance. New York State has the strictest regulations regarding pre-need funeral arrangements in the United States. At this time, insurance for the financing of a pre-need funeral arrangement is not allowed in New York State.

When pre-need funeral arrangements are completed, every purchaser shall receive an itemization statement of goods and services, a general price list, and a pre-need agreement. Within ten business days of the receipt of the monies, the monies shall be deposited in a bank or trust company (in an investment backed by the United States Government) doing business in New York State. Within thirty business days after the deposit, the purchaser shall be notified of the name of the bank or trust company where the deposit was made. Annually, the purchaser shall be notified by written statement of where the monies are held and the annual interest earned on the account. When requested by the purchaser or the purchaser’s representative (such as a power of attorney), the location of the account, account balance, and interest earned shall be provided within thirty days. All monies paid and interest earned on a revocable agreement, shall be returned on demand of the purchaser or the purchaser’s representative. Only applicants or recipients of supplemental security or medical assistance benefits may establish an irrevocable agreement for his or her self. Since we are members of the New York State Funeral Directors Association we are able to establish pre-need funeral agreements (revocable and irrevocable) through PrePlan, a funeral trust pre-funding program.

Please call us at Chopyak-Scheider Funeral Home to let us know how we can assist you with your pre-paying questions 607-797-4612.