Minnesota law now requires that pre-need funeral agreements with irrevocable trusts,
established on or after August 1, 2000, contain the following statement, in bold-faced
type and a minimum size of ten points:
"IRREVOCABLE TRUST:
A trust created to hold pre-need arrangement funds is revocable in its entirety unless
specifically limited by the purchaser. The purchaser has chosen to create an irrevocable
trust in the amount of $ (insert the dollar amount of the purchaser's irrevocable
trust). The revocable portion of this trust fund is limited to that amount that exceeds
the allowable supplemental security income asset exclusion used for determining eligibility
for public assistance at the time the trust is created. The principal and accrued
interest may not be withdrawn from the trust prior to the beneficiary's death, except
to the extent that the trust funds exceed the irrevocable trust limitation. At the
time of the beneficiary's death, the funds shall be distributed in their entirety,
principal plus accrued interest, with no fees retained by the trustees as administrative
fees. The funds shall be distributed for the payment of the at-need funeral goods,
funeral services, burial site goods, or burial site services selected, with any excess
funds distributed to the beneficiary's estate. At any time prior to or at the time
of the beneficiary's death, the purchaser may transfer the pre-need arrangements and
trust funds for use in the payment of funeral goods, funeral services, burial site
goods, or burial site services. The purchaser may not be charged with any fee in connection
with the transfer of a pre-need arrangement and trust funds."