Montana SB305 revises funeral trust laws, requiring compliance with the prudent investor rule for funds.
Montana SB305 amends funeral trust laws to mandate that funds for prearranged funerals comply with the prudent investor rule. This rule, found in Title 72, chapter 38, part 9, cannot be waived. The funds must be placed in a separate account in the name of the depositor as trustee for the person contracting for the prearranged funeral or related services. The banking institution, savings or building and loan association, or credit union must maintain an office in Montana and be organized under state, another state's, or federal laws.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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