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When you die, how do you want people to celebrate? In the event of a loss of a loved one, having financial pressures can an unwanted burden to shoulder.
If you are writing a Will, you may decide to include an “expression of wishes” relating to your funeral. However, what many people do not realise is that this is not legally binding, and your executors can disregard your wishes. Equally, even though you might have set aside a sum of money in a bank account to pay for your funeral, this in itself does not ensure you get the funeral you want. Your relatives or executors may have no idea what you would have wanted that money spent on, or they may choose arrangements to suit them rather than following your wishes.
To safeguard against this, we recommend that you consider making a funeral plan. We can offer a range of plans to suit your budget and preferences; we will guide you through the process and the choices you can make, and provide you with full written confirmation of everything that has been agreed.
When the time comes, your executors will simply need to put things in motion, with full knowledge of the arrangements you have made, and there will be no worries about any unexpected costs to be taken out of the estate. Your family will be spared the additional burden of making difficult decisions at a time of emotional stress.
According to SunLife, the average cost of a funeral in the United Kingdom last year was £4,271. This cost has risen by 5% in the previous 12 months and has doubled since 2004.
Funeral planning FAQs
What is a Funeral Plan?
A Funeral Plan acts as a type of insurance policy that is taken out to cover the entire, or portion, of the costs related to a funeral. These plans can be taken out with a number of providers and can be paid for in one go, upfront, or via monthly instalments – much like a regular insurance policy.
How can planning appropriately help ease the burden on the family of the deceased?
Typically, if the Funeral Plan is paid upfront, the cost is locked in at the price of the funeral on the date it was purchased. If a number of years pass until it activated upon the death of the purchaser, this can enable to family to save a considerable amount. Given how funeral costs have risen exponentially in recent times, and are set to continue increasing in years to come, this is a savvy move from a financial perspective.
Is there anything else to pay relating to the funeral if the policy is paid monthly?
Typically, yes. Pay monthly policies may cover the majority of the funeral costs, or at least specific items, but there may be a shortfall. Usually, this is a much smaller balance but it will differ from policy to policy.
How can a Funeral Plan help the family, emotionally?
A Funeral Plan not only removes all, if not the majority, of the financial burden relating to a funeral but from a planning perspective, it gives clarity on the wishes of the deceased. Many Funeral Plans state what type of burial or cremation they want, as well as details on headstones, coffins, funeral directors and smaller items such as limousines, cars and floral arrangements.
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