Skip to main content
Find a Lawyer

New Jersey Statutes Title 3B. Administration of Estates Decedents and Others 3B § 11-16

Current as of January 01, 2024 | Updated by Findlaw Staff

Prepaid funeral expense moneys used to fund a prepaid funeral agreement may be deposited into a pooled trust account in a federally insured State or federally chartered bank, savings bank or savings and loan association pursuant to a written trust agreement the beneficiaries of which shall be the purchasers or intended funeral recipients. Any such trust agreement shall assure that the following terms and conditions are clearly and conspicuously disclosed in writing to purchasers and intended funeral recipients prior to the acceptance of any moneys by the trustees:

a. The right to immediately withdraw on demand any money plus accrued interest paid into the trust, except as provided in section 1 of P.L.1991, c. 502 (C.2A:102-16.1).

b. The right to receive periodic statements not less than once per year reflecting the amount of principal and accrued interest, if any, in the trust.

c. The amount or rate of commissions to be taken.

d. The identity and location of the trustees.

e. The location of the trust agreement and the conditions under which it may be examined.

All such trust agreements entered into by a provider on or after the effective date of this 1993 amendatory and supplementary act shall comply with the provisions set forth in sections 1 through 13 of P.L.1993, c. 147 (C. 45:7-82 to 45:7-94).

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - New Jersey Statutes Title 3B. Administration of Estates Decedents and Others 3B § 11-16 - last updated January 01, 2024 | https://codes.findlaw.com/nj/title-3b-administration-of-estates-decedents-and-others/nj-st-sect-3b-11-16/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard