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pay funeral completely
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GKOOGK said:Hi
My wife and myself are 60ish and were thinking of paying 6k-8k each to fully pay for both of us to be cremated...my question is if in 10-20 years time the cost would of doubled or trebled by then..would my children be liable for extra payments or would the original price stand ?
Play with some sums on the calculator. If you put £12000 in a joint account now, in 20 years at 3% (picked a low figure) you would have £21,849. This should more than pay for two funerals. When first spouse dies, change into a joint account with your Executor or trusted child. When second spouse dies, Executor/child, can pay for the funeral but also everything to do with closing an estate. Clearing a property, closing down credit cards/utilities etc It all costs money and your children won't be out of pocket. Make sure it's easy access as you get older.
I had a joint account with my late Mum on this basis. She died in a Covid lockdown, my husband was out of work (because of Covid) and we had very little available money, so I raised a glass to Mum for her forethought. She also kept very good records so winding up her estate was relatively easy.1 -
thegreenone said:Compound Interest Calculator - Daily, Monthly, Yearly Compounding
Play with some sums on the calculator. If you put £12000 in a joint account now, in 20 years at 3% (picked a low figure) you would have £21,849. This should more than pay for two funerals. When first spouse dies, change into a joint account with your Executor or trusted child. When second spouse dies, Executor/child, can pay for the funeral but also everything to do with closing an estate. Clearing a property, closing down credit cards/utilities etc It all costs money and your children won't be out of pocket. Make sure it's easy access as you get older.
I had a joint account with my late Mum on this basis. She died in a Covid lockdown, my husband was out of work (because of Covid) and we had very little available money, so I raised a glass to Mum for her forethought. She also kept very good records so winding up her estate was relatively easy.0
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