Planning Your Funeral
Funeral planning is not just about financial matters. It’s about you making a decision about what you want to happen and making sure everyone knows your wishes.
It’s an inescapable fact that one day we will all pass away and a funeral will have to be organised and paid for. Leaving your family to organise and pay for a funeral on your death can be financially and emotionally demanding on your relatives.
The consequences of your death could be devastating unless you have prepared for it. Do you really want your family to have to deal with these issues when it is too late for you to help them? Just imagine how much easier it would be for everyone if you have arranged all this and more in advance. A little forward planning now will help those you leave behind enormously.
Arranging a pre-paid funeral plan that is individually tailored to your preferences and wishes and also guarantees to take care of the funeral director’s fees, no matter how much they have increased, is something everyone should consider
Also consider the financial logic of doing a pre-paid funeral plan. Funeral costs have been escalating rapidly and, with years of above-inflation rises, the cost of a typical funeral has more than doubled in the last 15 years. That cannot be said for a typical savings account.
By fixing the funeral at today’s prices, you are securing against future price rises in the years to come.
What is a pre-paid funeral plan?
A funeral plan is a promise to deliver a funeral in the future. This promise is delivered by long standing, UK funeral planning companies, all of which have superb financial security and are members of The Funeral Planning Authority.
These financially stable companies, with long reliable histories, have the stature and capability to guarantee there will be no more to pay for the funeral services in their plans.
A fifth of all UK funerals are now paid for in advance via a prepaid funeral plan, and a carefully selected funeral plan, will guarantee to pay funeral director's fees and services, whenever required in the future, regardless of increases in funeral costs?
Guarantees are now included in a number of plans. These plans cover the Crematorium Fees and Minister Fees in addition to funeral director’s fees.
If you are arranging a plan for yourself or someone else, there are many options regarding the inclusion of personal choices and preferences e.g.
- Type and conduct of the funeral itself
- Burial or Cremation
- Religious Service or Celebration of Life
- Type of coffin
- Choice of music/hymns/songs
- Plan costs can be paid in full or by instalments
Those you leave behind can be reassured by the fact that that they won't be required to make difficult decisions or bear the expense of paying for your funeral.
Relying on your children, family or friends
Paying for your funeral is not, as many people may think the responsibility of your children or others, but your own individual responsibility. One of the first duties of the executors of your estate is "pay any debts funeral and testamentary expenses". Therefore, unless your funeral has already been paid for, the value of any inheritances will be reduced.
Your children can be reassured by the fact that that they won't be required to make difficult decisions and bear the expense of paying for your funeral.
How do you arrange your funeral plan?
Setting up a funeral plan is easy and safe if you use a professional and experienced funeral planning specialist.
Since 29th July, the FCA brought pre-paid funeral plans into under their regulation. They have authorised 26 providers to offer these plans. See the link below for a list of these: