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pay funeral completely

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  • thegreenone
    thegreenone Posts: 1,188 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    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
    Yorkie1 Posts: 12,014 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    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.
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