Payable on Death Savings accounts aka PODs are a flexible and safe financial instrument to pre-fund a funeral so your family has access to money for your final arrangements.
Like funeral trusts, they give total control of funds to your family to disburse as-needed to all the various parties. If there are any funds remaining, they will go back into the estate for distribution.
With a POD savings account, you name the beneficiary on the account, who then can access the funds when you die by presenting a copy of the death certificate to the bank.
POD accounts are easy to set and most banks offer this type of savings account. As the funds belong to you and your named beneficiary, there is a high degree of flexibility on how your family can distribute the funds. Same as trusts, POD savings accounts are not locked into one funeral home or cemetery, so your family can choose the right funeral service providers rather than be locked in with one or have the hassle of figuring out how to transfer a policy elsewhere.