What happens to the money when we pre-pay our funerals with Spence Funeral Services?

By: William Spence
Tuesday, March 31, 2020

In Pennsylvania, funeral directors are required by law to deposit in escrow or trust the entire amount of the monies received by the funeral director for future expenses. None of this money is available to the funeral director until the death of the one for whom the funds were set aside. There are a number of financial instruments available for pre-funding funerals. Spence Funeral Services typically utilizes an insurance policy designed for this very purpose. Your money is invested, and you receive an insurance policy outlining your particular coverage. Throughout your lifetime, the value of the policy will increase. The growth remains in the policy and is designed to offset future price increases. Although we cannot guarantee that the growth will always cover price increases for cemetery charges, newspapers, etc., we do guarantee the costs of our services and merchandise. If there is money remaining after expenses have been paid, the balance returns to the beneficiary of the policy or the estate.

Leave a comment
Please enter the numbers and letters you see in the image. Note that the case of the letters entered matters.


Please wait

Previous Posts

Should services be postponed because of COVID-19?

The novel coronavirus has left little undisrupted, including final arrangements for those who pass during this scourge.  Whether out of prudence or mandate, too often the wishes of the decease...

News Release: COVID-19

William P. Spence Funeral & Cremation Services, Inc., Is Prepared to Safely Care for Families During the COVID-19 Pandemic William P. Spence Funeral & Cremation Services, Inc., remains com...

What is the PA state law regarding funeral processions?

As one might expect, each state has its own laws regarding funeral processions. In Pennsylvania, each vehicle in the procession must have its headlights lit and emergency lights flashing as well as...

What is “preplanning” and does Spence Funeral Services offer it?

Preplanning is simply a matter of taking care of your funeral service details before the need arises. Today, more and more people are making the thoughtful decision to discuss their final arrangeme...

How should I dress for a funeral?

In the past, custom dictated that immediate family wore black clothing to the funeral of a deceased family member. While other relatives and friends didn’t necessarily need to be dressed in black, ...

Are vaults required in Pennsylvania?

Vaults or other types of outer burial containers are not required by federal or Pennsylvania state law to be placed in the ground prior to a casket being buried. However, most cemeteries in Lancast...

Do you provide traditional funeral services?

Do you provide traditional funeral services? The answer is “Yes, we provide traditional funeral services.”  Actually, we provide a continuum of funeral services ranging from traditional servi...

Who is William P. Spence?

I was raised in rural Indiana County. Prior to becoming a funeral director, I was employed for 12 years as an underground coal miner by Rochester & Pittsburgh Coal Company. In 1993, I graduated...

What sets William P. Spence Funeral & Cremation Services, Inc., apart from other funeral homes?

Providing services to families that are appropriate and meaningful at an affordable price are the hallmarks of our business. As a funeral home in Manheim, part of our mission is to exceed the expec...