Preneed Funeral Merchandise and Services Master Trust Agreement

• Category: Contracts - Funerals
• State: Multi-State
• Control #: US-C-F-1001-3
• Format: Word; Rich Text

Description

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. A Preened Funeral Merchandise and Services Master Trust Agreement is an agreement between a funeral provider and a financial institution that establishes a trust to manage customer funds specifically designated for pre-seed funeral merchandise and services. The trust is established to ensure that customer funds are used exclusively to pay for pre-seed funeral merchandise and services. The trust is managed by the financial institution and overseen by a trustee, who is responsible for ensuring that the trust is administered according to the terms of the agreement. Preened Funeral Merchandise and Services Master Trust Agreements vary by state, and may include provisions such as: the types of pre-seed funeral merchandise and services that may be purchased with trust funds, the maximum amount of funds that may be held in the trust, and the interest rate that will be paid on the trust funds. Types of Preened Funeral Merchandise and Services Master Trust Agreements include Individual Trusts, Pooled Trusts, and Joint Trusts.

A Preened Funeral Merchandise and Services Master Trust Agreement is an agreement between a funeral provider and a financial institution that establishes a trust to manage customer funds specifically designated for pre-seed funeral merchandise and services. The trust is established to ensure that customer funds are used exclusively to pay for pre-seed funeral merchandise and services. The trust is managed by the financial institution and overseen by a trustee, who is responsible for ensuring that the trust is administered according to the terms of the agreement. Preened Funeral Merchandise and Services Master Trust Agreements vary by state, and may include provisions such as: the types of pre-seed funeral merchandise and services that may be purchased with trust funds, the maximum amount of funds that may be held in the trust, and the interest rate that will be paid on the trust funds. Types of Preened Funeral Merchandise and Services Master Trust Agreements include Individual Trusts, Pooled Trusts, and Joint Trusts.