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Planning for death - forum discussion

edited 16 October 2012 at 12:44PM in Deaths, Funerals & Probate
105 replies 37.9K views
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  • MojisolaMojisola Forumite
    33.7K posts
    Part of the Furniture 10,000 Posts Name Dropper
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    My parents have specified a large sum of money to be left to me on the first death. However all their savings is in joint accounts. Does this mean the money will automatically pass to the survivor so my expected inheritance will not materialize.

    The money in joint accounts belongs to both people. When one person dies, all the money belongs to the survivor.

    If there isn't any money in single accounts, your parents don't have any money that can be left to you.
  • When my mum passed away, it just left me to deal with things and the thought was a tad overwhelming, but I soon discovered that she had already spoken to the funeral directors and sorted that out, the solicitors who held the will and deeds and were executors were brilliant, I just handed over a box of paperwork and I didn't hear anything from then until about 4 months later when I received a cheque for my inheritance.


    Obviously she knew she didn't have long left and made every effort to make it easier on me when she went without me knowing, I can't tell you how much easier it made things but I didn't get the chance to say thank you.
  • lehapaulehapau Forumite
    4 posts
    Eighth Anniversary First Post Combo Breaker
    Our financial advisor has suggested using Countrywide Tax & Trust corporation Ltd to set up a Tenants in Common, combined with trust planning will. It is a way around loosing your home to Nursing home costs and safe guarding your children's inheritance.
    It is rather more expensive at approx. £1400 ish but could save a fortune in the long run. Has anyone got any experience of this practice and maybe some more economical companies offering the same service.
  • madbadrobmadbadrob Forumite
    1.3K posts
    Tenants in common dont stop the LA taking money for Nursing home fees in fact they could force a sale of the house to fund these. After all the percentage owned by the person who needs in the future nursing home care can and will be taken in to consideration.

    A solicitor would do this for you anyway at far less of a cost than this company. I would ask your FA if he is getting commission by pushing this company and if he is then he is breaking the law as well

    Rob
  • madbadrobmadbadrob Forumite
    1.3K posts
    Also if you find that their sales technique is to say the least iffy if not illegal then contact STEP which is a self regulatory body for Estate and Trust practitioners. The 2 directors of this company are Diploma level members. Interesting though that one of the directors makes no claim to hold any qualifications in Will preparation and in fact work for the NCB for many years before changing career into this field.

    Rob
  • Important update! We have recently reviewed and updated our Forum Rules and FAQs. Please take the time to familiarise yourself with the latest version.
  • THE COST OF FUNERALS RISE OVER TIME:

    I've recorded my funeral wishes, and I'm currently saving in a joint bank account with my wife towards the cost of our funerals. If both of us are still alive in 2020 (approx), we'll have enough to purchase a funeral plan EACH. We find it better this way as we're not OBLIGED to make a monthly payment.
    I thought readers may find useful a breakdown, year by year, of how the prices of a basic, dignified funeral in the UK , will rise over time.
    I think it really does put it into perspective.....

    2014 .................... £ 4150
    2015 .................... £ 4490
    2016 .................... £ 4850
    2017 .................... £ 5200
    2018 .................... £ 5600
    2019 .................... £ 6100
    2020 .................... £ 6600
    2021 .................... £ 7100
    2022 .................... £ 7600
    2023 .................... £ 8300
    2024 .................... £ 9000
    2025 .................... £ 9700
    2026 .................... £10470
    2027 .................... £11300
    2028 .................... £12300
    2029 .................... £13200
    2030 .................... £14300

    BE AWARE THAT MOST FUNERAL PLANS HAVE NO CASH VALUE IF YOU FAIL TO MAKE THE PAYMENTS REQUIRED.
    This is why I'm saving up jointly, because (a) we dont want to be obliged to make payments, and (b) we don't know which of us will die first....

    Somewhat coincidentally, at the end of 2014, we had £2014 saved.
  • Estimated cost of a funeral in 2015......

    COFFIN, standard mid-range model......... £1000
    HEARSE, motor driven............................ £ 590
    EMBALMING........................................... £ 190
    OFFICIANT / MINISTER........................... £ 130
    LIMOUSINE X 1 ..................................... £ 200
    GRAVE PLOT (Council)............................. £ 670
    CEMETERY FEES / Other costs.................. £ 600
    FUNERAL DIRECTOR's FEES..................... £ 790
    £4270
    Many funeral directors will require a 35% deposit, with the remainder payable 7 days after the funeral.
    Some funeral directors will allow 3 months for the balance to be paid.
    There are various types of Funeral Plans, but some of them do not pay out if you die within 2 years of taking out the plan, in which case all they'd pay would be what you've paid in..... some pay 120% of what you've paid in.
    Also as I said, if you take a plan on MONTHLY payments, and for any reason you fall behind with the payments, you will almost always find that the plan will lapse, and you'll FORFEIT all monies paid in thus far.
    Most city councils will have a nominated funeral director who would offer a "Special Offer Council Funeral" (or other similarly named service) but these are very restrictive as to choice of coffin, church, etc.

    I really believe the government should investigate pricing within the funeral industry. A number of recent reports suggest many people are too poor to afford to die...... so as my name says: PLAN AHEAD.
  • Hi planahead,
    Many thanks for posting all that important information. I, for one, am very grateful to you.

    I'm faced with a dilemma; I've not got a penny to my name & if anything happened to me, it looks like I will have to literally stay over ground, if I don't sort something out soon.

    My son, who is almost 40yrs, has recently taken out a pre-paid funeral plan, with the Co-op. He will be paying approx £80 per month for the next five years. He has chosen a tailor-made plan, with all his wishes declared in the form.

    I sent away for a brochure from that company & it scared the living daylights out of me, just reading through it. I'm scared to commit myself to £80 per month, as if I die before the five years are up, my payments will be gone to waste.

    I'm very interested in your savings plan. This would suit me a little better. How much would I need to save each month, so that I would have enough to bury me when the time comes planahead? I'm not in the best of health, but to my knowledge, I do not have a terminal illness, thanks be to God.

    Any advice you can offer me, would be very much appreciated planahead.

    Thanking you for taking of your time to read this message,
    Yours sincerely,
    Samantha22
    Feb GC: - £0/£200 beginning Feb 3rd 2015
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  • hcb42hcb42 Forumite
    6K posts
    You can do a funeral for less - well certainly a cremation.

    I have had to bury three family members over last few years, and they were around £2200 each funeral.

    So if you can afford to save £80 a month - just save it :)
  • MojisolaMojisola Forumite
    33.7K posts
    Part of the Furniture 10,000 Posts Name Dropper
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    Samantha22 wrote: »
    I'm faced with a dilemma; I've not got a penny to my name & if anything happened to me, it looks like I will have to literally stay over ground, if I don't sort something out soon.

    If you don't leave enough money to pay for a funeral and no-one else has the money, the council will pay for a basic cremation.

    I sent away for a brochure from that company & it scared the living daylights out of me, just reading through it. I'm scared to commit myself to £80 per month, as if I die before the five years are up, my payments will be gone to waste.

    Are you sure? My parents bought pre-paid funerals through AgeUK. If they had died before they had fully paid for them, we would only have had to make up the difference between what they had paid and the full cost.
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