US Legal Forms
Irrevocable Funeral Trust - Prearranged Funeral Trust Account

Irrevocable Funeral Trust - Prearranged Funeral Trust Account

Q: How does a funeral trust work?

The Internal Revenue Service defines a funeral trust as a &#039;pooled income fund&#039; set up by a funeral home/cemetery to which a person transfers property to cover future funeral and burial costs. Funeral trusts allow people to pay funeral expenses in advance, and that can spare survivors a lot of difficult decisions.

Q: How do funeral trusts work?

The Internal Revenue Service defines a funeral trust as a &#039;pooled income fund&#039; set up by a funeral home/cemetery to which a person transfers property to cover future funeral and burial costs. Funeral trusts allow people to pay funeral expenses in advance, and that can spare survivors a lot of difficult decisions.

Category:

Trusts - Irrevocable

State:

Multi-State

Control #:

US-01332BG

Format:

Instant download

Description

A common form of funding and funeral pre-arrangement is through a funeral trust agreement. This is a contract between the funeral home and an individual for the purpose of pre-arranging a funeral. The agreement specifies who the arrangements are for, what exactly the funeral home will provide at the time of death and how much money the patron paid to the funeral home to provide the arrangements.

This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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FAQ

There are two kinds of prepaid funeral contracts: revocable and irrevocable. Revocable means you can cancel the contract and get most of your money back. Irrevocable means you cannot cancel the contract, but you can transfer it to a different funeral home if you want to.

Typically, a funeral home or cemetery will help you set up a trust when you are entering into a contract with them. You can open an individual trust account with a bank and deposit your money in a savings account or certificate of deposit. Bonds or life insurance may also be used to fund the trust.

The Internal Revenue Service defines a funeral trust as a 'pooled income fund' set up by a funeral home/cemetery to which a person transfers property to cover future funeral and burial costs. Funeral trusts allow people to pay funeral expenses in advance, and that can spare survivors a lot of difficult decisions.

A funeral trust, or qualified funeral trust, is a special financial vehicle that allows you to set aside money for anticipated funeral costs. 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.

Definition: Irrevocable Funeral Trusts A trust is a legal agreement in which an individual (called the Trustmaker or Grantor) sets aside a certain amount of money for a specific purpose or person.Irrevocable means the trust cannot be changed, reversed, or dissolved for any reason.

Paying the Bills Powers of a trustee or executor include paying bills for funeral expenses incurred by a decedent's estate. This means a trustee can write checks using the estate's bank accounts to satisfy funeral costs, including paying for a burial plot and any viewing time at a funeral home.