The Federal Trade Commission's (FTC) Funeral Rule requires all funeral providers to give information to consumers to help them choose the services and products they want for their deceased relative or friend. Funeral providers must give you a general price of products and services when you ask in person about funeral arrangements and you have the right to keep this list. Furthermore, funeral providers must make price information available over the phone upon request. The funeral provider must give you any other information that is reasonably needed to select the funeral provider and funeral items you want, need, and are able to afford.
If the funeral provider charges a fee for buying "cash advance items," this must be disclosed to you in writing. Cash advance items are those goods and services paid for by the funeral provider on your behalf, such as cemetery plots, flowers, obituary notices, and clergy honoraria. You must also be notified if a service fee is added to the price of cash advance items, and if the funeral provider gets a refund, discount or rebate from the supplier of any cash advance item.
The Missouri Prearranged Funeral Contract with Statutory Disclosures is a legally-binding document that outlines the terms and conditions for arranging and prepaying funeral services in the state of Missouri. It serves as a way for individuals to make decisions regarding their funeral arrangements and ensure that their wishes are followed after their passing. In Missouri, there are several types of Prearranged Funeral Contract with Statutory Disclosures, including: 1. Preened Funeral Contract: This type of contract allows individuals to plan and prepay for their funeral expenses in advance. It includes details such as the type of funeral service, burial or cremation preferences, and other specifications requested by the individual. 2. Trust-funded Preened Funeral Contract: Under this type of contract, the funds paid by the individual for their prearranged funeral services are placed into a trust account operated by a third-party financial institution. These funds are protected and can only be accessed for the designated funeral expenses upon the individual's death. 3. Insurance-funded Preened Funeral Contract: This contract involves the purchase of a life insurance policy specifically designed to cover funeral expenses. The policy's proceeds are paid directly to the funeral home or designated beneficiary upon the individual's passing, ensuring that the funds are available for the prearranged funeral services. Regardless of the type of Prearranged Funeral Contract with Statutory Disclosures chosen, the state of Missouri has established specific statutory disclosures that must be included in the contract to protect the individual's rights and ensure transparency. These statutory disclosures include: 1. Itemized Statement: The contract must provide a detailed itemized statement of the goods and services included in the prearranged funeral package, along with their respective costs. 2. Cancellation Rights: The contract should clearly outline the individual's right to cancel and receive a full or partial refund within a specific time frame. 3. Transferability and Assignment: Information regarding the transferability or assignment of the contract should be disclosed, including any associated fees or limitations. 4. Funeral Provider Options: Individuals must be informed of their right to select a preferred funeral provider and any restrictions imposed by the contract. 5. Guaranteed Price Protection: If the contract guarantees the price of the funeral services, it should clearly state the terms and conditions ensuring the agreed-upon price is honored. 6. Contract Revisions: Any provisions related to future revisions of the contract should be disclosed, including the process for modifying the agreed-upon funeral arrangements. It is essential for individuals in Missouri considering a Prearranged Funeral Contract with Statutory Disclosures to thoroughly review and understand the terms, statutory disclosures, and implications associated with each type of contract before making their decision. Seeking legal or financial advice is always recommended ensuring compliance with state regulations and protect one's interests.
