Many individuals have decided to arrange their or their loved one’s funeral prior to death. There arrangements are referred to as “preneed funeral arrangements”. A funeral trust, or qualified funeral trust, is a special financial vehicle that allows you to set aside money for anticipated funeral costs. Through these arrangements, individuals are able to decide in advance what type of funeral they will have, while at the same time eliminating some of the stress that family members frequently experience.
When you establish a trust, you make arrangements with a cemetery or funeral home to provide services upon death. The beneficiary of the trust is the funeral service provider. Individuals may also be able to lock in today’s prices for a future funeral.
Illinois Preneed Funeral Merchandise and Services Master Trust Agreement
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