June 12th, 2019
Families urged to talk about funeral planning
The Royal London National Funeral Cost Index 2018 revealed that the average cost of a funeral is now £3,757, with costs remaining roughly the same as in 2017. It also showed that twelve percent of people end up taking on an average debt of £1,744 to give their loved ones a good send off.
The above research highlights the need for us to start talking to our families about what our wishes are after our deaths and to put money aside to pay for our funerals. Otherwise, will your loved ones be able to pay for the cost of your funeral? At such an emotional time, the last thing they will need is having to try to quickly arrange a loan in order to ‘do you proud’ with your send off. Additionally, do they even know what you would like for your funeral?
All too often people don’t consider talking to their families about what they would like to happen after they pass, who they would like their money and property to go to, what they would like for their funeral and how to make this all happen smoothly and legally. Even with a will in place it can take months to settle all matters following a death, let alone without a will but this can all be made easier by speaking with a solicitor and financial adviser. Often policies, such as pensions, allow you to nominate beneficiaries, meaning that upon your death the proceeds will be passed on to those stated by you but it is essential that you remember to update this information, if your family relationships change. At Prosser Knowles we pride ourselves on working together with you, your solicitor and accountant if required by you to ensure you get the best and well-rounded advice.
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Written by Kay Crooke – Associate Practice Director at Prosser Knowles Associates Limited.