What is a "memorial fund"?

What is a "memorial fund"?

A memorial fund is normally for the person who passed away. You would set up the memorial fund in their name and it could be used for several different reasons. One could be for the deceased's favorite charity. They may have wanted money to be donated to their favorite charity. Another reason for a memorial fund could be that the deceased's family may have not have had much money, and so the fund is to help the family survive after losing someone who may have been the primary source of income. A memorial fund can also be to help defray the cost of the funeral itself.