Pre-need burial agreements/contracts are funds deposited with a funeral home as payment for future funeral or burial services.
Personal Funeral Trust accounts can be set up with a financial institution to pay for future funeral or burial services.
Pre-need burial agreements/contracts are considered as an available resources based on the type of agreement. Pre-need burial agreements/contracts fall into one of three categories:
- Agreements prior to October 13, 1965
- Agreements between October 13, 1965 and August 27, 2009
- Agreements created on or after August 28, 2009- which introduced Personal Funeral Trust accounts
Note: All revocable pre-need burial contracts are a countable resource.