What is the difference between a Revocable and an Irrevocable pre-arrangement?
The revocability of your plan refers to the pre-funding of your funeral. A revocable plan allows you to un-fund your pre-arrangement at any time and spend the money as you wish. If your revocable pre-arrangement was funded with a bank trust, your principal plus all interest will be refunded to you. If your revocable pre-arrangement was funded with an insurance policy or annuity, the cash surrender value, less surrender charges, will be returned to you. Most people choose to make their pre-funding irrevocable because they want to do what they can to ensure that the money will be there to pay for their funeral in the future. Irrevocable funds cannot be withdrawn for any reason prior to the death of the person for whom the pre-arrangement was made.
