Who can act as trustees for trust-funded preneed arrangements?

Trust-funded preneed arrangements in Missouri can be managed by qualified financial institutions. This means that entities such as banks or credit unions that meet specific regulatory requirements are permitted to act as trustees for these arrangements. Financial institutions have the expertise and regulatory oversight necessary to manage funds responsibly, ensuring they are safeguarded until they are needed for funeral services.

This is crucial because preneed arrangements involve significant financial commitments, and clients expect that their funds will be managed with professionalism and security. Entrusting these arrangements to licensed financial institutions provides an added layer of protection for the consumers' investments. It also aligns with regulatory frameworks designed to protect individuals planning for future funeral services by ensuring trust fund management adheres to specific fiduciary standards and ethical practices.