Should I take out a funeral plan for my parents?

aimeemum

I'm concerned that my parents have zero savings (and possibly some debts too) and would therefore leave nothing towards a funeral for either of them. Selfishly I've spent the last 2 years working us out of debts and accruing some savings etc, setting us up to build a good future for our family, and I don't want this to set us back as if we got a bill for £8k+ (funeral for both of them plus whatever debts may be left over) that would take us years to come back from! 
I'm going to have to have a conversation with my parents and try to find out what the real situation is, but if my suspicions are proven correct, would a pre-pay funeral plan be a good idea? or would we be better just getting them to sort something and taking their word for it? I'm so upset by this....but I know I need to do it. 
Any suggestions welcome. 

Silvertabby

You wouldn't be responsible for your parents' debts - and you would only be liable for their funeral costs if you personally signed the funeral director's contract.

Direct Cremation would likely be the cheapest option - no fuss, no service, you just get the ashes back to do with what you want.  If your mum and dad are happy with that, fine - but if they want the full works then you will have to be honest with them and tell them that you just won't be able to afford it.

Hopefully, you may find that they already have this covered.  My own parents, for example, believed that 'life savings' were for one reason only.  Funeral expenses.  They had just enough to cover both funerals in a special savings account, which they never touched even when they were short of money.  

Flugelhorn

Agree, it is not for you to pay for your parents funerals, neither would you be responsible for their debts. If someone dies with no money then the local council or hospital arranges the funeral.
Silvertabby is right re savings - the one thing my mother used to say was that "there's enough to bury me" 

aimeemum

Thanks both - it's reassuring that their debt wont come back on us . My Mum particularly has mentioned having over-50s type products before but I know from experience that they don't save or stick to plans. My Dad died 7 years ago and always talked about having his 'planting money' as he called it, and when he did pass away there was enough to cover everything PLUS a small inheritance, but my Mum and step-Dad are a completely different kettle of fish. I think I'm going to have to ask the questions and then deal with the answers whatever they may be, but I know that whatever the situation is, it's going to be my job (I'm my mum's only child) to deal with it when they do pass on which quite honestly is a scary prospect. 
Thanks again, it's definitely helped. 

badger09

You could always start the conversation along the lines of...'With all this Coronavirus about, Mr aimeemum & I have been thinking about wills, funerals and stuff like that. Not a nice prospect, but it has to be done and I was wondering what plans you have in place.....'
PS  you do have your own wills etc in place, don't you

aimeemum

badger09 said:

You could always start the conversation along the lines of...'With all this Coronavirus about, Mr aimeemum & I have been thinking about wills, funerals and stuff like that. Not a nice prospect, but it has to be done and I was wondering what plans you have in place.....'
PS  you do have your own wills etc in place, don't you

Yes, we do. And I've just renewed our term life insurance too. 

Flugelhorn

@aimeemum sounds like you have taken after your dad!  I do think you need a chat with them particularly as you say "I am mum's only child" - does that mean that Step-Dad has children? Just could cause complications. Say mum dies intestate, everything (well mostly) goes to Step-Dad and then possibly to his children, is that what mum would want?