Funeral costs 15 February 2016 at 11:39PM in Over 50s MoneySaving 41 replies 23.1K views

lessonlearned

quanto2009 wrote: »

Thanks everyone
I think I will do level term assuarance 20 years and have a savings pot.Looking at getting some quotes now

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.

Biggles

lessonlearned wrote: »

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.

It might help avoid IHT but anyone leaving enough to worry about IHT wouldn't need to save up for their own funeral.

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.

pineapple

I have no close family left. In fact not sure if there are any at all (cue violins).
So am not the slightest bit bothered about paying for my funeral. At that stage I won't be worrying about it

McKneff

pearl123 wrote: »

I'm not going to waste money on a funeral at all. Straight cremation for my family and myself when the time comes. I don't see why a company should earn more out of my death. I am religious but I still don't think a service is necessary.
A very basic only cremation still costs at the present time around £1000.

I dont know where you have got that cost for a basic cremation.at least 3k would be more like.

cloudydays

Biggles wrote: »

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.

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.

PennyForThem_2

Then you should have complained - unless there wasn't the money to cover the cost in the account.

lessonlearned

Not all funeral companies are so accommodating........

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.

iris

McKneff wrote: »

I dont know where you have got that cost for a basic cremation.at least 3k would be more like.

The following is a link for a 'direct funeral' - perhaps this is what Pearl123 is talking about?


https://www.purecremation.co.uk/?gclid=CMCLyvG3l8sCFYIK0wodSNcGGQ

cloudydays

PennyForThem wrote: »

Then you should have complained - unless there wasn't the money to cover the cost in the account.

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.

pineapple

McKneff wrote: »

I dont know where you have got that cost for a basic cremation.at least 3k would be more like.

When my father died the cheapest I could find was £1,000 - and that was around 7 years back.