Sec. 3. A funeral trust established under this chapter is valid only if it:

(1) is irrevocable;

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Terms Used In Indiana Code 30-2-10-3

  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Contract: A legal written agreement that becomes binding when signed.
  • Trustee: A person or institution holding and administering property in trust.
(2) has only one (1) settlor;

(3) names as trustee an Indiana institution qualified under section 2 of this chapter, and requires that all funds be deposited in that institution;

(4) names a funeral home, licensed under IC 25-15, as sole beneficiary; and

(5) is accompanied by a written contract between settlor and beneficiary as provided in section 5 of this chapter.

As added by Acts 1982, P.L.179, SEC.2. Amended by P.L.246-1985, SEC.23.

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