Pre-planning involves making decisions on how you will pay for the services and burial plan you select. Depending on the plan you select, you will probably sign some form of pre-need contract that clearly outlines the terms of how your plan will be funded. A pre-need contract can be set up by your chosen funeral home. It can be pre-funded through life insurance or a bank trust.
Pre-need contracts can be either “revocable” or “irrevocable.” The term “revocability” refers to the pre-funding of your funeral.