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in Over 50s MoneySaving
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This is what I have done.
Don't forget if you write the policy in trust it can bypass the will and go straight to your executors. This might be really helpful to them.
If you were thinking of the executors needing ready cash for the funeral directors, the banks are very understanding and are always helpful by paying them directly out of the executor's account where needed, though I have always found FDs very happy to wait for probate.
So am not the slightest bit bothered about paying for my funeral. At that stage I won't be worrying about it
I dont know where you have got that cost for a basic cremation.at least 3k would be more like.
and we will never, ever return.
Not in my experience. I had to pay the funeral director from my own savings before the funeral went ahead. My mother had her will at the bank where her accounts were held and the bank stalled releasing the funds for me to be able to pay the funeral directors.
And for some people £4 to £5k is a lot of money to find at sort notice, especially in the case of sudden or unexpected death.
Writing policies in trust is dead easy and can save a lot of hassle. Yes rich people do it for tax planning but you don't have to be wealthy to take advantage of the benefits.
Probate can take quite a while and having some "working capital" helps oil the wheels at what is a stressful and difficult time.
The following is a link for a 'direct funeral' - perhaps this is what Pearl123 is talking about?
Yes, I should have complained as there was more than enough money in her accounts to pay the funeral costs. It was an extremely stressful time as you can imagine.