B.__The payee shall deposit the money in either a federally insured deposit or share account or a trust account; the type of account must be disclosed to the payor or the payor's representative and a deposit in a trust account may be invested only in the following:

(1)__Federally insured deposit or share accounts;

(2)__Securities issued, insured or guaranteed by the United States or by any agency or corporate or other instrumentality of the United States;

(3)__Municipal securities that are exempt from registration under Title 32, section 10502, subsection 1, paragraph A; and

(4)__Insurance.

Except for fees allowed by this section, all investments made with trust assets remain trust assets.

C.__Within 30 days after the deposit of funds by the payee, the financial institution or credit union shall provide a written confirmation of the deposit, including the amount deposited, to the payor or the payor's legal representative. Nothing in this section may be construed to prevent transfer of these funds to another financial institution or credit union by payee transfer, by financial institution or credit union merger or consolidation or by operation of law, provided that within 30 days after transfer of the funds, the recipient financial institution or credit union shall provide a written confirmation of the deposit, including the amount deposited, to the payor or the payor's legal representative.

D.__The agreement must be in writing and a copy must be furnished to the payor or the payor's legal representative by the payee when the agreement is executed.__The agreement may be revocable or irrevocable; however, if irrevocable, there must be a provision to allow for the transfer of the account by the appointment of successor trustees.__The agreement must clearly state terms providing for disposition of excess funds after funeral goods and services have been provided.__The agreement must clearly state any fees that may be charged against the account; fees must be reasonable, as defined by the board, and may be charged only: