In our prior post (Missouri Seller Exams: Timely Deposits), we discussed the receipt and deposit records that funeral homes may be required to maintain.  However, to demonstrate that they are complying with the preneed law’s deposit requirements, funeral homes will also be dependent upon the records generated by their funding source to confirm

The clock is on for the second round of Missouri preneed audits  financial examinations, and the Missouri Division of Professional Registration wants to avoid the slow start that plagued the process 5 years ago.   Although the State Board has yet to approve the Division’s proposals for seller recordkeeping and the scope of the exams, exam

According to court filings, the reorganization plans for the Wisconsin Master Trust and California Master Trust each seek to eliminate ‘de facto trustee’ relationships that allowed the respective associations’ executives to ‘misuse, misspend, and mismanage millions of dollars’ of trust funds, and to direct funds towards inappropriate and unsuitable investments that served the association’s, rather

The Office of the Comptroller of the Currency (the OCC) supervises the fiduciary activities of national chartered banks, and in February, updated the guidelines used by its examiners.  The “Personal Fiduciary Activities” booklet includes a section on pre-acceptance due diligence that fiduciaries should conduct before agreeing to serve as trustee for an account.  

Among the rule proposals suggested by the Division of Professional Registration to the State Board of Embalmers and Funeral Directors was the following definition of “External Investment Advisor”:

any licensed, qualified investment advisor approved and authorized by the trustee of the preneed trust and who holds no personal interest in any assets of the preneed