pay funeral completely

thegreenone

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 ?

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.

Yorkie1

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.

Note that a joint account could cause tax implications for the child, if the account pays interest and the child is near a savings interest / tax band. Possibly also might be taken into account if they claim benefits. So think it through first.