(a) Any person, partnership or corporation who enters into a preneed funeral contract has the option, at any time, to establish an irrevocable trust for all funds or any portion of payments made or to be made under the agreement, contract or plan. At no time shall such funds exceed $15,000.

Terms Used In Delaware Code Title 5 Sec. 3404

  • Commissioner: means the State Bank Commissioner. See Delaware Code Title 5 Sec. 3401
  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.

(b) The trust document establishing an irrevocable trust shall contain such specific provisions as the Commissioner may by regulation require.

68 Del. Laws, c. 389, § ?5; 70 Del. Laws, c. 310, § ?1; 71 Del. Laws, c. 19, § ?10; 76 Del. Laws, c. 36, § ?2;