Modernizes requirements for prearrangement funeral service contracts in Washington.

The bill updates the rules for prearrangement funeral service contracts in Washington. It mandates that at least 80% of the cash purchase price, excluding sales tax, be placed in a trust account. Funeral establishments can retain up to 20% unless otherwise specified. The bill also outlines conditions for withdrawing funds from the trust, including if the funeral establishment goes out of business or becomes insolvent. Trust funds cannot be used for the benefit of the funeral establishment or its officers, directors, agents, or employees.

Modernizes requirements for prearrangement funeral service contracts in Washington.

The bill updates the rules for prearrangement funeral service contracts in Washington. It mandates that at least 80% of the cash purchase price, excluding sales tax, be placed in a trust account. Funeral establishments can retain up to 20% unless otherwise specified. The bill also outlines conditions for withdrawing funds from the trust, including if the funeral establishment goes out of business or becomes insolvent. Trust funds cannot be used for the benefit of the funeral establishment or its officers, directors, agents, or employees.