Or. Admin. Code § 441-930-0267 - Irrevocable Prearrangement Sales Contracts

(1) Certified providers may only issue an irrevocable prearrangement sales contract in limited circumstances. The certified provider must receive proof from the purchaser or beneficiary that the beneficiary of the trust is:

(a) Currently receiving public assistance; or

(b) Has filed the necessary papers and started the formal process to receive benefits.

(2) An irrevocable trust may not be cancelled, changed, or revised to become any other type of preneed funding mechanism and may not be distributed for any purpose other than the death of the beneficiary.

(3) A revocable contract may be converted to an irrevocable contract upon agreement of all parties to reflect a change of circumstances of the beneficiary of the sales contract.

Notes

Or. Admin. Code § 441-930-0267

FCS 14-2010, f. 12-30-10, cert. ef. 1-1-11

Stat. Auth.: ORS 97.926

Stats. Implemented: ORS 97.939 & 97.943