Albert P. O’Donnell Funeral Home Burial Reserve Accounts:
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A Burial Reserve Account is a deposit account set up today to hold funds to pay for your funeral expenses after your death. The account helps to reduce or eliminate family financial concerns at a most difficult time. There are both Irrevocable and Revocable accounts: 1) Irrevocable Accounts – do not allow you to draw funds from them during your lifetime. This option ensures that funds remain in place for your funeral and related expenses. Until your funeral expenses are paid for the funds in the Irrevocable Account are not considered part of your estate. Any balance of your funeral bill is paid back to your estate. 2) Revocable Accounts – allows you to change your mind and close the account at any time. A Revocable Burial Reserve is considered a resource with the exclusion for the purpose of qualifying for public assistance. How does the account generally work? Usually following your funeral service, a family member or your funeral director will present your bank with a death certificate and the funeral bill. The bank will then make payment from the account directly to the funeral home. Does establishing a Burial Reserve Account mandate what funeral home I use? No, it does not. You are free to use any funeral home. Please name some banks in Dunmore that offer the burial reserve accounts? Fidelity Bank – Please contact Theresa Hinton, Esq. in the trust department at (570)504-2260 or Diane Fonner at (570) 504-2245. Wells Fargo – Please contact the branch manager at (570)348-8212 First National Community Bank – Please contact Madolyn MacArthur at (570)558-4792 |
