30-2-10-0.1. Repealed
As added by P.L.220-2011, SEC.483. Repealed by P.L.63-2012, SEC.32.
30-2-10-1. Establishment
Sec. 1. An individual may establish one (1) funeral trust under this chapter, in lieu of any other arrangements for advance payment for funeral and burial expense. As added by Acts 1982, P.L.179, SEC.2.
30-2-10-10. Incapacity, Resignation, and Removal of Trustees
Sec. 10. IC 30-4-3-29 governs procedures concerning the incapacity, resignation, or removal of a trustee. As added by Acts 1982, P.L.179, SEC.2.
30-2-10-2. Payments Required to Be Made to Accounts in Certain Banks, Trust Companies, and Other Institutions
Sec. 2. It is unlawful to enter into any agreement or contract for a purpose described in section 1 of this chapter unless the agreement or contract requires that all payments be made by the settlor to an account in a: (1) bank; (2) trust company; (3) savings association; or (4) credit union; with an […]
30-2-10-3. 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 […]
30-2-10-4. Trustee; Expenses and Compensation
Sec. 4. The trustee, in the administration of funds accepted under this chapter, may be reimbursed and receive from the funds its reasonable expenses in the custody and administration of the funds, and is entitled to the usual and reasonable compensation for its services as trustee. The expenses and compensation shall be paid in accordance […]
30-2-10-5. Contracts; Required Provisions
Sec. 5. 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 […]
30-2-10-6. Change of Beneficiary; Procedure
Sec. 6. If the settlor changes the beneficiary, he must: (1) select a new beneficiary licensed under IC 25-15, or a funeral home or a funeral director licensed in another state; and (2) give written notification to the funeral home originally named as beneficiary. As added by Acts 1982, P.L.179, SEC.2. Amended by P.L.246-1985, SEC.25.
30-2-10-7. Delivery of Copy of Contract to Settlor
Sec. 7. (a) The settlor shall be furnished an executed copy of the contract. (b) If a contract has been approved and signed by both parties and a copy of the contract has been delivered to the settlor, no further notification to the settlor related to the contract is required. As added by Acts 1982, […]
30-2-10-8. Management of Funds by Financial Institutions; Annual Reports From Beneficiaries
Sec. 8. (a) Indiana financial institutions in which trust funds have been deposited in accordance with this chapter may place the funds in a common or commingled trust fund under a single trust instrument. The trustee shall maintain a separate accounting record for each trust fund. (b) All interest earned by funds deposited in accordance […]
30-2-10-8.5. Management of Settlor’s Funds by Registered Investment Adviser
Sec. 8.5. (a) The bank, trust company, savings association, or credit union that receives the payments made by a settlor under section 2 of this chapter may enter into a contract under which the account into which the settlor’s payments are deposited is managed by a third party. (b) To manage the funds in a […]
30-2-10-9. Violations; Offense
Sec. 9. (a) Except as provided in subsections (b) and (c), a person who knowingly violates this chapter commits a Class A misdemeanor. (b) A person who knowingly or intentionally uses or disburses funds in a funeral trust established under this chapter for purposes other than the purposes required under this chapter commits a Level […]