Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the wp-migrate-db domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /srv/app/gotoiba-dev/htdocs/web/wp-includes/functions.php on line 6121
May a funeral home be a trustee of funeral trusts on the deposit side of a bank without moving the account to a corporate fiduciary account? – IBA Compliance Connection

IBA Compliance Connection

Your go to source for compliance!

May a funeral home be a trustee of funeral trusts on the deposit side of a bank without moving the account to a corporate fiduciary account?

—

by

Funeral trust funds must be held by a corporate fiduciary under the Illinois Funeral or Burial Funds Act and Pre-Need Cemetery Sales Act. The Illinois Comptroller’s office confirmed this conclusion and noted that it is the funeral home’s responsibility to ensure that funds are held in appropriate accounts. Further, the Comptroller’s office stated that certificate of deposit accounts established before the enactment of the corporate fiduciary requirement, effective January 1, 2010, could be allowed to mature, but that any other funds must be held by corporate fiduciaries. See P.A. 96-879.