Funeral Plan or savings, what is the best way to pay for a funeral? Laura Richardson provides the answer during the course of her latest article . . .
Many people choose to make their own funeral arrangements to alleviate this huge financial and emotional burden from their loved ones. There are various ways in which you can make plans for your funeral:
Leave instructions in your Will:
One simple way to formally record your wishes for your funeral is to include your preferences within your Will. It is important to note that recorded wishes for your funeral made within your Will are not legally binding. Nevertheless, this can be a useful way for your loved ones to be made aware of your preferences, especially if you do not feel comfortable discussing your wishes before you die. Having a clear indication of what kind of funeral service you would like to have and whether you wish to be cremated or buried, for example, will be a great help to your loved ones when they start to plan your funeral. Obviously though, recording your wishes in this way does not help your loved ones cover funeral costs!
Leave money in a savings account:
This option is often a good idea if you wish to save up over a period of time. However, the main disadvantages of this are that firstly, you may die before you have saved up enough money to cover your funeral expenses and secondly, any money in the savings account will count towards part of your Estate and therefore could be subject to Inheritance Tax meaning that in the worst-case scenario you could lose 40% of your savings as a tax payment!
Pre-Paid Funeral Plan:
The most succinct option for both planning for and covering the cost of your funeral is to take out a Pre-Paid Funeral Plan. A Pre-Paid Funeral Plan allows you to pay today’s prices for your funeral expenses, regardless of how much the cost of these expenses rise between today and the date of your death! You can personally choose and pay for many elements of your funeral in order to ensure that you receive a funeral that reflects your wishes and beliefs. It is important to choose a reputable and experienced Pre-Paid Funeral Plan provider, such as our trusted partners at Andrew Douglas Wills & Legal Services to make sure that you are made fully aware of what is included and excluded from your Funeral Plan.
At Andrew Douglas Wills & Legal Services we proudly offer a free no-obligation initial consultation to allow you to address any queries you may have, and sensitively discuss your options. Whether you wish to take out a Pre-Paid Funeral Plan or simply leave instructions for your funeral within your Will, contact Andrew Douglas Wills & Legal Services today to find out how we can help you!
If you would like to keep up with our latest posts and advice about estate planning through the regular advice that we provide to our clients in this regard, then please also feel free to –
Follow us on Twitter at https://twitter.com/ADouglasWills
Follow us on Facebook at https://www.facebook.com/AndrewDouglasWills
Follow us on Google+ at https://plus.google.com/b/117915389310253337582/+AndrewdouglaswillsCoUk/
