What is a funeral trust as per Missouri law?

In Missouri law, a funeral trust is defined as a financial arrangement that pre-funds funeral expenses. This type of trust allows individuals to set aside funds specifically for their funeral costs in advance. The primary purpose of a funeral trust is to ease the financial burden on family members at the time of death by ensuring that funeral expenses are covered.

By establishing a funeral trust, individuals can lock in current funeral prices, providing protection against inflation and unexpected changes in costs over time. This pre-funding can give peace of mind to both the individual setting up the trust and their loved ones, knowing that arrangements and costs are settled well ahead of time.

In contrast to other options, a funeral trust is specifically focused on pre-funding funeral expenses rather than serving as an insurance policy, a legal mandate for plans, or a general fund for estate expenses, which would encompass a broader range of financial responsibilities.