Burial contracts in Indiana may be funded with cash (in a lump sum or installments)
or with life insurance policies. After June 30, 1978, following the initial 30-day
period during which the purchaser may cancel, burial contracts must be irrevocable.
Property used to fund burial contracts are held in irrevocable trusts or escrow accounts
with a bank, trust company, savings and loan association or credit union whose principal
office is in Indiana, with the seller as the trust beneficiary. The purchaser may
designate a successor seller upon proper written notice to both sellers and the trustee
of the trust or escrow account and with consent of the new seller. "Seller" is defined
as the person, firm, Limited Liability Company, corporation, association or partnership
contracting to provide services or merchandise or both.
Burial contracts entered into after June 30, 1978, in Indiana are irrevocable beyond
the first 30 days after signing and are not resources for SSI purposes, unless the
purchaser makes a contract immediately irrevocable. Where the purchaser makes the
contract immediately irrevocable, the contract is not a resource even for the first