Answer:
Answer by Randy Carey: Pre-paid burial accounts are governed under State law and in some States they are very highly regulated, so it is impossible to answer your question.
Answer:
Answer by Ken Golliher: Agreed, but I'll just make a comment. In any state where I have seen a prepaid burial statute it is considerably more complicated than just naming a POD beneficiary. Generally, there is a trustee, sometimes its the bank, sometimes its the funeral home. The trustee usually has specific responsibilities and, in some states, must file reports regarding funds held for this purpose.Call your state bankers association or your state funeral directors' association and ask for a citation to statute.
First published on BankersOnline.com 4/18/11
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