Validity of trust; requirements

Sec. 3. A funeral trust established under this chapter is valid only if it: (1) is irrevocable; (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.