How to Start a Memorial Fund

A memorial fund is a good way to remember a loved one.

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The loss of a loved one is hard enough, but trying to find a way to remember them in an honorable way can add additional stress. Many people today are suggesting that friends contribute to a memorial fund set up in the name of the deceased instead of sending flowers. Setting up a memorial fund is fairly easy, and many banks and foundations will help you set up the fund free of charge.

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Instructions

Difficulty: Moderately Easy

Things You’ll Need:

Obituary
Death certificate
Charity or person where funds will be contributed

Step1

Choose a charity or group where the money from the fund will go. This should be a group that your loved one took part in, or one which she had ties. Some people will leave note in a will, or tell a family member or friend where they would like memorial fund money to be sent.

Step2

Name the memorial fund. This should include the name of the person to whom the memorial fund is dedicated. The name of the memorial fund may also include what the fund is for, or what type of a fund it is. For example, you may want to call a memorial fund "The John Doe Scholarship Fund," or "The John Doe Memorial Fund for Writers." These titles indicate the fund will be used to provide a scholarship, or a scholarship or funding for writers.

Step3

Create a description of the fund. Make sure to include a short biography or obituary of the person being memorialized by the fund, and also provide a short description of the recipients of the fund. If the fund will be providing money to a charity, indicate what the charity does, and how the chosen charity ties in with the deceased person, if it is not obvious. If the fund will be a scholarship fund, explain the guidelines the recipients must meet in order to qualify to receive the scholarship.

Step4

Designate a fund administrator to open the account at a local bank. The bank staff can help you set up the fund and explain how you go about removing the funds to provide the charity or recipient with the monies from the fund.

Step5

Give friends and family notice about the memorial fund. Some obituaries include a mailing address for memorial funds and ask people to donate to the fund rather than contribute flowers at a viewing or funeral. Make sure to set up the fund as early as possible, so people can make donations before or at the funeral if they would like.

Tips & Warnings

Choose a charity the fund money will go to that is meaningful to the person who is deceased.
Set the fund up quickly following the death so people may begin contributions as soon as possible.
Make sure the fund is properly labeled at the bank or foundation where it is set up. You do not want to have a bank account in your name to collect money for the memorial fund or you risk looking as if you are keeping the money for yourself.
Beware of scams trying to get you to set up a memorial fund for a charge. Most banks and foundations will help you set up a memorial fund free of charge.