We have a request from a customer to withdrawal funds out of an Irrevocable Burial Reserve Account. The account owner is still alive and wants the money for income purposes. The funds are deposited into a certificate of deposit and interest is compounded. It has always been our understanding that funds may not be withdrawn except for burial purposes. Your help would be greatly appreciated.

Was this account set up with a funeral home receiving the funds upon the death of the individual? If so, the individual cannot withdraw the funds, they should not even have signing authority. Especially if it is Irrevocable they should not be able to change anything about it. What paperwork was required to open the account, there should be some sort of designation in the document.