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 a legal document that outlines the terms of a trust that is set up to provide prefunded funeral services and merchandise. This agreement is designed to ensure that the funds needed for prefunded funeral services and merchandise will be available and secure from the time of purchase until the time of need. The agreement is typically structured with the funeral provider as the trustee and the purchaser of the prefunded funeral services and merchandise as the beneficiary. There are two main types of Preened Funeral Merchandise and Services Master Trust Agreement: revocable and irrevocable. In a revocable trust agreement, the purchaser of the prefunded funeral services and merchandise can change the terms of the agreement at any time. In an irrevocable trust agreement, the terms of the agreement are fixed and cannot be changed. The Preened Funeral Merchandise and Services Master Trust Agreement typically outlines the terms of the trust, such as the trust's purpose, the trustee's responsibilities, the beneficiary's rights, the investments used to generate income for the trust, and the terms of distribution of the trust's assets. The agreement also typically outlines the fiduciary duties of the trustee, which are the legal obligations that the trustee must adhere to when managing the trust.
