MO SB405

Adds exemption for funds up to $9,999 placed in an irrevocable personal funeral trust account held by a state or federally chartered financial institution, provided funds are restricted to burial, funeral, body preparation, or final disposition expenses.

Limits setup fees for personal funeral trust accounts to no more than 10% of total deposited amount, with annual maintenance fees capped at 3% of trust assets.

Allows trustees to commingle funds from multiple personal funeral trust accounts if accurate records are maintained for each depositor and trustees use prudent investor standards.

Requires remaining funds in a personal funeral trust account to be repaid to the state of Missouri if the beneficiary receives public assistance benefits and funds are not spent on funeral-related expenses, with excess amounts refunded to the beneficiary or successors.

Eliminates requirement for cemetery, funeral establishment, or provider contracts in connection with personal funeral trust accounts.