Preneed Funeral Contract - Trust Agreement at a glance
What it is: Preneed Funeral Contract - Trust Agreement, West Virginia Preneed Burial Contracts Act, W. Va. Code § 47-14-1 et seq.
Who signs: The Contract Buyer and the Funeral Provider have executed this contract, intending its terms to be construed in accordance with the requirements of the Act and any regulations implementing the Act.
A filled-in Preneed Funeral Contract - Trust Agreement example: a buyer pays for her own funeral in full
How to fill out Preneed Funeral Contract - Trust Agreement, box by box
Contract Price, Revocable Payment and Total Paid
Enter the Contract Price - Total, then the Revocable Payment to Preneed Guarantee Fund and the Total Paid by Contract Buyer, for this West Virginia Preneed Burial Contracts Act, W. Va. Code § 47-14-1 et seq. contract.
Certificate of Authority Holder (Funeral Home/Cemetery)
Under CERTIFICATE OF AUTHORITY HOLDER (FUNERAL HOME/CEMETERY), enter the Name, the Address, City, State, Zip Code, Telephone No, Fax No. and the Email.
Contract Buyer
Under CONTRACT BUYER, enter the Name, the Address, City, State, Zip Code and the Telephone No.
Contract Beneficiary
Under CONTRACT BENEFICIARY, the person for whom the funeral services and goods will be performed and provided, enter the Name, the Address, City, State, Zip Code and the Telephone No.
Financial Institution and trust
Under FINANCIAL INSTITUTION, enter the Name, the Address, City, State, Zip Code, Telephone No. and Fax No.
The funds will be deposited in a state or federally-chartered insured bank, savings and loan, or credit union that is located in West Virginia. The Funeral Provider, after notice to the Contract Buyer, may select the financial institution where the money will be held in trust.
Funeral Provider elects to retain
If agreed to, the Funeral Provider is permitted to retain no more than 10% of the monies paid under the contract. The Funeral Provider elects to retain a % of the contract price.
The Contract Buyer acknowledges that the amounts indicated are exempted from the trust and will not be refunded if the contract is revoked.
Guaranteed funeral and services
Under GUARANTEED FUNERAL AND SERVICES, A. Funeral Services, enter the Unitary Price.
Or itemized as follows: 1. Funeral Director and Staff, Other Body Preparation, Funeral Ceremony, Visitation, Other Facility Use, Transfer of Remains, Automotive Use and Other; Describe.
Funeral or Burial Goods and Cash Advance Items
Under B. Funeral or Burial Goods, enter the Casket; Describe, the Outer Burial Container; Describe and Other Merchandise; Describe.
Enter the SUBTOTAL OF B and the TOTAL OF A AND B, GUARANTEED GOODS AND SERVICES.
Under IV. Cash Advance Items, enter Acknowledgment Cards, Obituary Notices, Death Certificate, Flowers, Clergy Honorarium, Music, Shipping Container, Grave Opening and Closing and Other; Describe. Then enter the Total Cash Advance Items and the Total Guaranteed and Non-Guaranteed Funeral Price.
Irrevocable or revocable
The Contract Buyer can elect to make the contract irrevocable or revocable.
Please check the appropriate box, Irrevocable or Revocable, on the front page of this contract.
If the Contract Buyer elects to make this contract irrevocable, by signing, the Contract Buyer acknowledges that neither the Contract Buyer nor the Contract Beneficiary will be entitled to cancel this contract or receive a refund of payments made under this contract.
If the Contract Buyer elects to make this contract revocable, by signing, the Contract Buyer acknowledges that this contract can be cancelled. The Contract Buyer can cancel this contract by delivering written notice to the Funeral Provider. Within 40 days after cancelling the contract, the Funeral Provider shall return to the Contract Buyer all trust principal and accumulated income.
Signing the contract
The Seller, on behalf of the Certificate of Authority Holder, and the Contract Buyer have executed this contract.
More rules for Preneed Funeral Contract - Trust Agreement
If any of the guaranteed goods and services described in this contract are unavailable at the time of need, the Funeral Provider shall notify the Contract Buyer or the Contract Beneficiary's next of kin and advise them that a substitution of goods or services is necessary. The substituted goods or services must be of equal or greater value than the contracted goods or services.
The guaranteed goods and services specified or permissible substitutions will be furnished by the Funeral Provider at the time of need at the prices specified, except as provided in this paragraph. To the extent that, based on the General Price List in effect at the time of need, the prices charged for the specified goods and services have increased, the Funeral Provider is permitted to offset such price increases out of any additional guaranteed interest that accrues from the trust. If the proceeds are insufficient to offset the total of such price increases, the goods and services shall be provided at no additional costs.
If the amount available from the proceeds to fund Non-Guaranteed Cash Advance Items is less than their retail cost at the time of need, the difference will be owing to the Funeral Provider. Alternatively, the Contract Buyer may authorize the Funeral Provider to omit or reduce certain of the Non-Guaranteed Cash Advance Items to correspond to the amount available to fund Non-Guaranteed Cash Advance Items.
Excess money and the notice to the buyer
The funeral costs less than the balance that remains in the trust
If the funeral costs less than the balance that remains in the trust and the Contract Buyer is also the Contract Beneficiary, the balance shall be paid to the Name and Relationship you enter. If no one is designated, payment will be made to the Contract Beneficiary's estate.
If the funeral costs less than the balance that remains in the trust and the Contract Buyer is not the Contract Beneficiary, the balance shall be paid to the Contract Buyer if he or she is living. If the Contract Buyer is deceased, the balance shall be paid to the Name and Relationship you enter. If no one is designated, payment will be made to the Contract Buyer's estate.
You review the contract before signing it or paying any money
The Contract Buyer should review this contract before signing it or paying any money. The Contract Buyer can take this proposed contract and review it with a family member or legal advisor.
The terms in this proposed contract cannot be changed or revoked by the Funeral Provider for five (5) business days.
Common questions about Preneed Funeral Contract - Trust Agreement
What is a funeral contract?
This is a Preneed Funeral Contract - Trust Agreement, West Virginia Preneed Burial Contracts Act, W. Va. Code § 47-14-1 et seq. The Contract Buyer has elected to fund this contract by placing the monies in a trust account.
Sources
[1] Preneed Funeral Contract - Trust Agreement (West Virginia Preneed Burial Contracts Act, W. Va. Code § 47-14-1 et seq.), served form, no issuer file (the Official source link on this page).
