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  • FIRST POST
    • r.a.i.n.b.o.w
    • By r.a.i.n.b.o.w 8th May 18, 7:47 PM
    • 599Posts
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    r.a.i.n.b.o.w
    What's the best thing to do regarding saving a sum of money for funeral?
    • #1
    • 8th May 18, 7:47 PM
    What's the best thing to do regarding saving a sum of money for funeral? 8th May 18 at 7:47 PM
    I want to put 5,000 of my father's money into SOMETHING to save for his funeral wishes. What would be the best type of product? Something like SunLife? An ISA? Doesn't have to have interest earned on it, but that would be a bonus.

    Thanks in advance
Page 1
    • da_rule
    • By da_rule 8th May 18, 8:08 PM
    • 2,750 Posts
    • 2,423 Thanks
    da_rule
    • #2
    • 8th May 18, 8:08 PM
    • #2
    • 8th May 18, 8:08 PM
    Would he not consider a funeral plan? The problem with a savings account would be that if funeral costs rise at a rate that exceeds any interest the 5,000 won't go as far.
    • AnotherJoe
    • By AnotherJoe 8th May 18, 8:12 PM
    • 10,554 Posts
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    AnotherJoe
    • #3
    • 8th May 18, 8:12 PM
    • #3
    • 8th May 18, 8:12 PM
    If you really want to do that, I'd suggest something like a COOP funeral plan (other funeral companies are available)
    • r.a.i.n.b.o.w
    • By r.a.i.n.b.o.w 8th May 18, 8:19 PM
    • 599 Posts
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    r.a.i.n.b.o.w
    • #4
    • 8th May 18, 8:19 PM
    • #4
    • 8th May 18, 8:19 PM
    A funeral plan was considered, but it won't suit his "needs" - a simple cremation only and then a few months later a memorial service back in his birth town with eulogy and ashes scattering and a catered celebration afterwards. Funeral plans only pay for the funeral direct, you can't get the money back for the other extras (which he wants more than a funeral service).
    • Yorkshireman99
    • By Yorkshireman99 8th May 18, 8:30 PM
    • 4,494 Posts
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    Yorkshireman99
    • #5
    • 8th May 18, 8:30 PM
    • #5
    • 8th May 18, 8:30 PM
    A funeral plan was considered, but it won't suit his "needs" - a simple cremation only and then a few months later a memorial service back in his birth town with eulogy and ashes scattering and a catered celebration afterwards. Funeral plans only pay for the funeral direct, you can't get the money back for the other extras (which he wants more than a funeral service).
    Originally posted by r.a.i.n.b.o.w
    Cremation only can be done for under 1,400. Frankly why pay more? Personally that is what I have specified for myself.
    • r.a.i.n.b.o.w
    • By r.a.i.n.b.o.w 8th May 18, 8:35 PM
    • 599 Posts
    • 3,265 Thanks
    r.a.i.n.b.o.w
    • #6
    • 8th May 18, 8:35 PM
    • #6
    • 8th May 18, 8:35 PM
    Cremation only can be done for under 1,400. Frankly why pay more? Personally that is what I have specified for myself.
    Originally posted by Yorkshireman99
    Yes, that's precisely what he wants (cremation only). It's all the celebration and extras stuff that will add to the cost, and 5,000 seems like a sensible figure for all that.
    • Yorkshireman99
    • By Yorkshireman99 8th May 18, 8:48 PM
    • 4,494 Posts
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    Yorkshireman99
    • #7
    • 8th May 18, 8:48 PM
    • #7
    • 8th May 18, 8:48 PM
    Yes, that's precisely what he wants (cremation only). It's all the celebration and extras stuff that will add to the cost, and 5,000 seems like a sensible figure for all that.
    Originally posted by r.a.i.n.b.o.w
    If he wants nothing else he neeedd to make a will specifying this and make sure his family know his wishes. No need for a funeral plan just make those close to him know and follow his wishes.
    • Savvy_Sue
    • By Savvy_Sue 9th May 18, 11:23 PM
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    Savvy_Sue
    • #8
    • 9th May 18, 11:23 PM
    • #8
    • 9th May 18, 11:23 PM
    How old's your Dad?

    Is he in good health?

    Is he receiving any means-tested benefits? (If he is, then a funeral plan is one of the things it's OK to buy to reduce his capital.)

    Does he have capacity to make his own decisions and you're just helping with this?

    Will he be adding to it?

    I mean, one way might be to open a new current account linked to one of the better regular savings accounts, and filter the money into the savings account over the course of a year. I'm probably not explaining myself very well here ...

    but Premium bonds might also be worth considering!
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