What happens to the interest income on money that is prepaid and put into a trust account?
When doing business with a funeral home, the interest money stays in the account to cover the cost of the funeral services in the future. When dealing with a cemetery, this is not always the case. Question: Are you protected if the firm you deal with goes out of business? Answer: Yes. All Michigan funeral homes proudly comply with the Michigan law that allows the family to choose a successor funeral home if the original should go out of business for any reason. Question: Can you cancel the contract and get a full refund if you change your mind? Answer: You can always collect at least 90% of the original amount plus 90% of the interest earned. This depends on how you and the funeral home established the prearranged funds. The law presently allows the funeral home to collect up to 10% of the contract as a fee for doing all of the counseling and paperwork. This can be collected up front or at cancellation or some funeral homes choose less than 10% or none at all. Question: What happened i
