The price of a funeral continues to rise annually well above the cost of inflation. Whilst the average is now around £3284 it is estimated that by the year 2020 it will reach over £5600.
A Will usually contains instructions on the wishes of the testator for burial or cremation but the arrangements are in the hands of the executors. The costs will be met from the assets left by the deceased and the beneficiaries in the Will may suffer as a result.
There is now ,however, a new way of funding the Funeral costs. Instead of a large up front payment followed by instalments, or a complete immediate purchase at today’s prices there is a ‘FROM 50’ plan which enables any one from that age up to 75 to pay only fixed monthly payments to secure a funeral package of their own choice. Full cover is offered after only 6 months payments have been made. The payments continue to death or age 90 and any overpayment made is refunded to the estate.
This provides much relief from worry and stress about how funeral costs will be met and by whom says David Dexter who is prepared to visit clients at home to discuss this and offer advice on the other risks to Inheritance of Tax,Care Fees and Second/Third relationships.