Gerry “Malin Doherty’, who was in his late 60s, perished after spending six hours in freezing waters off Malin Head on Tuesday.
Sixteen-year-old Thomas Weir also died in the tragedy after the group’s fishing trip resulted in a massive sea search.
Thomas, who was originally from Scotland, had been staying with relatives in Derry’s Shantallow area in recent months.
His remains are expected to be brought back to Scotland for burial.
The late Mr Doherty, who is survived by his wife Marian, two daughters, grandchildren and sisters and brothers, will be buried after funeral mass at St Mary’s Church, Lagg, Malin.
Among those at the funeral will be Gerry’s relative, Dessie Keenan, who survived the tragedy.
Mr Keenan, who is in his 40s, survived after clinging to a fishing buoy for more than four hours.
It was revealed following this week’s tragedy that Mr Doherty’s father Paddy also drowned after he went ‘crabbing’ almost 40 years ago close to the location of his son’s death.A full investigation into the possible cause of the tragedy is being undertaken by two agencies, the Gardai and the Marine Casualty Investigation Unit.
The men’s 16 foot cabin cruiser has been brought into storage and will be forensically examined in the coming days.