US Legal Forms
Preneed Funeral Merchandise and Services Master Trust Agreement

Preneed Funeral Merchandise and Services Master Trust Agreement

Category:

Contracts - Funerals

State:

Multi-State

Control #:

US-C-F-1001-3

Format:

Instant download

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.

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FAQ

Upon death, the funeral director has to present a death certificate to the trust company in order to liquidate the account to pay for the funeral. If there is money left over after paying the funeral bill, the excess would be returned to the family.

Is a funeral plan worth it? Although it may seem like a big upfront cost, many people find comfort in knowing that their funeral has been taken care of. With funeral costs increasing each year, buying a funeral plan at today's prices will protect your family from future price rises.

A funeral trust may help individuals create a plan for their end-of-life arrangements. This may have several potential benefits. In some situations, a funeral trust might secure a lower burial or creamation cost because the price is effectively locked in at whatever point the funeral trust is created.

The cons are that prepaid funeral plans lock you into one funeral home for a fixed price which may result in higher costs in the future, they usually involve hidden charges, there is little flexibility, and many funeral homes will not refund your deposit if you change your mind.

A qualified funeral trust (QFT) is a nonforeign funeral trust that elects not to be treated as a grantor trust ( ¶571), so that the income tax on the annual earnings of the trust is payable by the trustee ( Code Sec. 685).