Burial Services Notify
You are receiving this message because you have signed up for notifications regarding Tennessee Burial Services. On May 2, 2019, revisions were made to Tenn. Code Ann. § 62-5-407, et seq. (the “Chapter”). Below we have provided a brief overview highlighting the changes to the Chapter.
Beginning July 1, 2019, if a pre-need funeral contract purchaser chooses to fund the contract by a trust, then the pre-need seller must deposit the funds with the trustee within 15 days of receipt. The pre-need seller must also furnish the name of each beneficiary and the amount of payment on each to the trustee at the time of deposit. Additionally, trust accounts may now be established as a separate fund for each pre-need funeral contact, for multiple contracts issued by a single pre-need seller, or for multiple contracts issued by multiple sellers based in the State of Tennessee. Further, the trustee must furnish a semi-annual financial report concerning the trust to the department. Finally, if the trust is managed by a board then the trustee is required to maintain liability insurance on each board member.
You can read the public chapter in its entirety here: https://publications.tnsosfiles.com/acts/111/pub/pc0247.pdf
If you have specific legal questions, it is appropriate to consult a private attorney. For general questions please contact us at email@example.com