There are two kinds of prepaid agreements: Revocable and Irrevocable.
Trust moneys in revocable accounts are 100 percent revocable upon demand, including all principal and interest. With a revocable agreement, you may change the funeral home and the selected funeral services or merchandise at any time without penalty.
The New Jersey Prepaid Funeral Trust™ utilizes a standard Revocable Trust Agreement for all prearrangements.
View a sample revocable agreement.
In New Jersey, irrevocable agreements are required when creating a prepaid funeral account for SSI/Medicaid applicants and recipients. Irrevocable means that the trust fund moneys are NOT REFUNDABLE. Only individuals prepaying their funerals in order to qualify for SSI, Medicaid, or General Assistance may establish irrevocable arrangements, which must be used for funeral and burial purposes. Irrevocable prepaid funeral agreements cannot, by law, be cancelled or refunded (although consumers may change funeral homes).
The New Jersey Prepaid Funeral Trust™ utilizes a standard Irrevocable Trust Agreement for all SSI/Medicaid and General Assistance prearrangements.
View a sample irrevocable agreement.