§ 30-2-10-5 — Contracts; required provisions

Indiana § 30-2-10-5

• Jurisdiction: Indiana
• Art. 2: GENERAL PROVISIONS
• Ch. 10: Funeral Trust Funds

Text

The contract under which funds are accepted
under this chapter must be in writing and contain, as a minimum, the
following provisions:
(1) Details of the professional services, facilities, equipment, and
a description of merchandise to be provided by the beneficiary. If
the merchandise or equipment includes a vault (as defined in IC 23-14-33-33) that:
(A) will be used to encase the remains of a deceased individual;
and
(B) is not airtight and watertight;
the details must include a written statement indicating that the
vault is not airtight and watertight.
(2) A provision that the beneficiary may provide merchandise of
equal or better quality if the merchandise contracted for is no
longer available at the time the merchandise is to be provided.
(3) The place of the funeral and the place of the burial or other
final disposition to be made of the decedent.
(4) An acknowledgment by the settlor that the settlor understands
the irrevocable nature of the trust.
(5) A provision for reasonable adjustment of the services, or cost
of services, if the body is transported a distance greater than
twenty-five (25) miles to the place of funeral or the place of burial
or final disposition and transportation of a distance in excess of
twenty-five (25) miles was not contemplated at the time of the
execution of the contract.
(6) A provision for full payment of the contract amount by the
settlor, a description of the manner in which the funds are to be
deposited, and a statement that the interest will accrue to the trust
account and a further statement that the principal and interest
earned shall inure to the beneficiary to cover all the costs incident
to the beneficiary's performance of the contract, any excess to be
refunded to the estate of the settlor or to the heirs at law.
(7) The settlor's name, address, and social security number.
(8) The date that the funeral trust is executed by the settlor.
(9) The trustee's name and address.
(10) The beneficiary's license number issued by the state board of
funeral service.
(11) A provision that except under the circumstances described
in subsection (12), only the settlor may change the beneficiary,
that the settlor may make the change at any time, and that the
change is not effective until written notification is given to the
original beneficiary.
(12) A provision that allows the state board of funeral service to
change the beneficiary by naming a funeral home as new
beneficiary if the original beneficiary becomes deceased,
dissolved, terminated, or otherwise loses beneficiary status as a
licensee of the state board, and the settlor or the settlor's guardian
or personal representative fails to select a qualified beneficiary.
As added by Acts 1982, P.L.179, SEC.2. Amended by
P.L.246-1985, SEC.24; P.L.61-2008, SEC.5.