A funeral trust established under this chapter is valid only if it:

1. (1) is irrevocable;
2. (2) has only one (1) settlor;
3. (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. (4) names a funeral home, licensed under IC 25-15 , as sole beneficiary; and

5. (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.