Sec. 3. A funeral trust established under this chapter is valid only if it:
(1) is irrevocable;
(2) has only one (1) settlor;
(3) names as trustee an Indiana institution qualified under section 2 of this chapter, and requires that all funds be deposited in that institution;
(4) names a funeral home, licensed under IC 25-15, as sole beneficiary; and
(5) is accompanied by a written contract between settlor and beneficiary as provided in section 5 of this chapter.