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.
Maryland Revocable Funeral Trust — Prearranged Funeral Trust Account A Maryland Revocable Funeral Trust is a specialized prearranged funeral trust account designed to help individuals plan and fund their funeral expenses in advance. This trust is governed by Maryland state laws and provides individuals the opportunity to make funeral arrangements according to their preferences and relieve their families from the financial burden of funeral expenses. Key Features: 1. Prearranged Funeral Planning: Maryland Revocable Funeral Trust allows individuals to plan their funeral arrangements in advance. This includes specifying preferences such as burial or cremation, type of casket or urn, funeral service location, music, readings, and any other personalized desires. 2. Financial Security: By establishing a Revocable Funeral Trust Account, individuals can set aside funds specifically dedicated to covering funeral expenses. These funds are held in trust and managed by a trustee until the time of need. This ensures that funds remain secure and available when required. 3. Flexibility and Control: Revocable Funeral Trusts in Maryland offer flexibility as individuals can modify or cancel their funeral plans at any time. This allows for adjustments as personal circumstances change, ensuring the plan remains up-to-date and aligned with the individual's wishes. 4. Medicaid Exemption: A significant advantage of the Maryland Revocable Funeral Trust is its exemption from Medicaid eligibility considerations. By funding a trust account, individuals can safeguard a portion of their assets as an exempted funeral expense, which may assist in qualifying for Medicaid benefits if needed in the future. Types of Maryland Revocable Funeral Trusts: 1. Single Revocable Funeral Trust: This type of account is designed for individuals who wish to plan and fund their funeral expenses individually without involving a spouse or partner. It provides a dedicated account solely for the individual’s funeral planning. 2. Joint Revocable Funeral Trust: A Joint Revocable Funeral Trust is suitable for couples or partners who want to plan and finance their funeral arrangements together. It allows joint contributions to the trust account and ensures that funeral plans are executed as desired collectively. 3. Family Revocable Funeral Trust: Maryland also offers a Family Revocable Funeral Trust, which enables families to pool their funds into a single trust account. This type of trust allows for coordinated funeral plans for multiple family members and ensures financial security for the entire family's funeral needs. In conclusion, the Maryland Revocable Funeral Trust — Prearranged Funeral Trust Account is a valuable option for individuals seeking to plan and fund their funeral expenses in advance. It provides peace of mind, financial security, and the flexibility to customize funeral arrangements according to personal preferences. Whether you are considering an individual, joint, or family trust account, a Revocable Funeral Trust can offer a solution tailored to your specific needs.Maryland Revocable Funeral Trust — Prearranged Funeral Trust Account A Maryland Revocable Funeral Trust is a specialized prearranged funeral trust account designed to help individuals plan and fund their funeral expenses in advance. This trust is governed by Maryland state laws and provides individuals the opportunity to make funeral arrangements according to their preferences and relieve their families from the financial burden of funeral expenses. Key Features: 1. Prearranged Funeral Planning: Maryland Revocable Funeral Trust allows individuals to plan their funeral arrangements in advance. This includes specifying preferences such as burial or cremation, type of casket or urn, funeral service location, music, readings, and any other personalized desires. 2. Financial Security: By establishing a Revocable Funeral Trust Account, individuals can set aside funds specifically dedicated to covering funeral expenses. These funds are held in trust and managed by a trustee until the time of need. This ensures that funds remain secure and available when required. 3. Flexibility and Control: Revocable Funeral Trusts in Maryland offer flexibility as individuals can modify or cancel their funeral plans at any time. This allows for adjustments as personal circumstances change, ensuring the plan remains up-to-date and aligned with the individual's wishes. 4. Medicaid Exemption: A significant advantage of the Maryland Revocable Funeral Trust is its exemption from Medicaid eligibility considerations. By funding a trust account, individuals can safeguard a portion of their assets as an exempted funeral expense, which may assist in qualifying for Medicaid benefits if needed in the future. Types of Maryland Revocable Funeral Trusts: 1. Single Revocable Funeral Trust: This type of account is designed for individuals who wish to plan and fund their funeral expenses individually without involving a spouse or partner. It provides a dedicated account solely for the individual’s funeral planning. 2. Joint Revocable Funeral Trust: A Joint Revocable Funeral Trust is suitable for couples or partners who want to plan and finance their funeral arrangements together. It allows joint contributions to the trust account and ensures that funeral plans are executed as desired collectively. 3. Family Revocable Funeral Trust: Maryland also offers a Family Revocable Funeral Trust, which enables families to pool their funds into a single trust account. This type of trust allows for coordinated funeral plans for multiple family members and ensures financial security for the entire family's funeral needs. In conclusion, the Maryland Revocable Funeral Trust — Prearranged Funeral Trust Account is a valuable option for individuals seeking to plan and fund their funeral expenses in advance. It provides peace of mind, financial security, and the flexibility to customize funeral arrangements according to personal preferences. Whether you are considering an individual, joint, or family trust account, a Revocable Funeral Trust can offer a solution tailored to your specific needs.
