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What is the common styling for premade funeral accounts? For example, [Funeral Home Name] for [Purchaser’s Name], with funeral home as authorized signor. – IBA Compliance Connection

IBA Compliance Connection

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What is the common styling for premade funeral accounts? For example, [Funeral Home Name] for [Purchaser’s Name], with funeral home as authorized signor.

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The Illinois Funeral or Burial Funds Act requires that if a pre-paid funeral account is funded with a trust arrangement, then the trust must be maintained in a trust account with a bank, savings and loan association, savings bank or credit union. Titling the account in the name of the funeral home for the purchaser and having the funeral home as the authorized signor, would be an appropriate manner of titling the account.