Who own’s funeral preneed? Is it the bank that own’s the trust fund? The insurance company? The Funeral corporation?The funeral director? The policy holder?The answer is not in plain sight. This makes repaying a funeral not a good idea.
Because the laws are different in each State, each may have a different answer. Because each contract is different clearly the Managers of the IFDA Trust(through IFDA services)thought the money was theirs when they robbed it. The funeral corporations list the money as theirs on the balance sheet(this is true for SCI, Big Death, Service Corporation International and other funeral corporations).
Funeral Directors count on the preneed money being there, for themselves and their funeral home.
NPS, National Prearranged Services saw the preneed insurance money in their contracts and they took it.(preneed insurance is different from life insurance)The consumer who purchases the preneed contract often walks away thinking the money is their own. Sadly that is never the case.
Funeral industry| Funeral Blog by Your Funeral Guy