Funeral Plans

Personally I would put money aside in a separate account. I would then write a letter of my wishes for when the time comes, make several copies and give one to my children or next of kin.

I expect there are some excellent companies out there offering their services, but I would worry that I had picked the wrong one.

Ditto what GrannyGravy13 says. Just ensure your nearest and dearest have a clear idea of what you want....it my case they know its the bare legal minimum...and then have a separate account. My general feeling about these so called plans is that they are using huge amounts of emotional blackmail to make sure you invest. The slicker the salesperson the shoddier the product I suspect!

I've written out my funeral wishes, and my children can pay for it out of my estate, just as I did when my parents died. Don't get talked into anything you aren't 100% happy with.

Well, there we are, I was interested and having nothing better to do (like cleaning the bathroom) I did a bit of research.

It’s an insurance policy of sorts. Depending on how old you are the cost per month varies. Obviously if you’re more likely to die in say the next five years the cost will go up per month. £40to £50 per month doesn’t seem unusual for zany 80 year old, if you chose the optimum service.

All the plans only cover some of the cost though, even the Premium ones. Not burial plot, flowers, embalming, any after the funeral gathering. Only the basics really.

You seem to have to go with their approved providers too. Which may not be the ones your family would want.

On the whole, if I was worried about a financial burden to my family, I’d rather put some money in a savings account,I think.

Not zany. Where did that come from!

excellent idea especially when your estate will not have funds to pay for a funeral

Check that your local funeral directors will accept use of them, I read somewhere that some have had so much hassle over what they do/don't cover etc that they won't do burials using these plans.
I agree that setting money aside a better option, it's what we have done - even though I am not having any service or fuss. Straight to the cremation process for me.

If it were just up to me I would have a direct cremation, cheap simple disposing of a body. If those left would like more then they can pay for it out of their inheritance.

I wish people could be more open and honest about this. Its an absolute nightmare.

It was straight to the crem for my husband`s funeral. There wasn`t a lot of money in his account to pay for it, so we sorted out, with the undertaker, the most advantageous thing for us, and it was a very nice funeral, as funerals go, and didn`t cost anywhere near what they say in these ads. My children are instructed to go the same way when it`s my turn.

Mum arranged her pre paid funeral through the undertakers. We had an appointment with a lovely lady who took all the details. Mum paid in full and that was it. 3 yrs later when mum died we contacted them and everything except the flowers and of course the wake was taken care of.
I think the monthly payment type is a minefield but with mum paying in full at the time we didn't have a problem. In those 3 yrs the price would have risen a few hundred.
It was the last one the OP mentioned.

I think the advantage is that, ultimately, you'll be getting a bargain, cost wise.
As prices rise, you will have paid for the bulk of of your send off, so you won't have to worry. (Or, at least your family won't)

"I saw an ad for burial plots, and thought to myself, this is the last thing I need"
Hattie; I'm obviously out of touch on this subject re: the UK after 47 years in OZ. I'm 12 years ahead of you in the queue.
We took out a funeral bond each through a bank; could only be "cashed" in the event and only by the executor. This had 2 immediate benefits; removed all worry about funeral costs and took that money out of reach (legal) of Social Services. Otherwise it would have been deemed as assets and affected our pensions. Whilst you still have all your marbles, which you obviously have, all you have to do is create Financial and Medical enduring powers of attorney, tell your executor where to find your will, house deeds, bank accounts, credit cards. Anything else will turn up in the wash.
Hope there is something there of use, but above all you should be able to relax and concentrate on your "bucket-list". I'll be kicking mine long before you! ;
Good Luck

As Rufus says, if you pay for your funeral in advance, it is an allowable spend as far as assessments for care home costs are concerned. DD, who is an independent celebrant, will take me (soon) to her favourite local funeral directors to arrange and pay for my & DH's funerals in advance. They will help me plan the services. I shall may the full cost (at today's prices) to them. I believe the plan is underwritten by Golden Charter.

As we are a couple with small savings - just enough to stop us getting Pension Credit and currently paying full whack for DH's Respite Care, this is a legal way to advantageously reduce our savings.

Like Ninathenana we took out funeral plans through the undertaker that we wanted. This was a few years ago and the cost then was very reasonable compared to a funeral today. Everything was chosen except for flowers. When my husband died it was such a relief to have it all set up. The family still had to choose what type of service we wanted an what music etc to make it personal for us. Every else done at no extra co and such a relief at such an upsetting time. Glad I have done it for my family when I go as it is surprising how much needs to be done besides the funeral.

Put the money in a separate building society account and then file details of it with your will so that family know of its existence and purpose.

Monica BUT with interest rates being so low, your money in the Building Society will not grow in line with inflation and there will be a shortfall by the (hopefully long) time before it is needed. If however, you pay for your funeral upfront at today's prices, your investment will pay the entire cost of the funeral, no matter what it has risen to, 10 or 20 years in the future.

Granny23 I would check on that. There have been a number of stories in the financial press saying that a lot of families are finding that their parents/relations carefully funded funeral plans are not covering all the costs. All it covers is removal and a cremation at most and all the other costs, pall bearers, hearse, cars, coffin, minster or equivalent etc etc, it is a long time since I paid for a funeral so all the items on the invoice, are not covered.

With a Building Society account you can easily top it up a bit every year so that all costs can be met from it.

Anyway interest rates are rising, albeit very slowly.

The main thing about paying in advance in that you do peg the cost. My mother paid in advance or rather had a plan from the Co-op. It was all fine and went according to plan with no problems. The other important thing is that someone can actually find it or you tell next of kin where it is. We found my mothers by chance plus a voucher for £100 that she had paid years before. And of course you can (if you are bothered) let people know your wishes.

MOnica what my mum paid up front covered everything cars, coffin, service, cremation there was nothing for us to deal with except the flowers and wake.
She had chosen her wicker coffin and the hymns at the funeral directors when she paid in full.

I took mum to the funeral directors and kept (at her request) the agreement at my house.

Ancient Uncle had a plan with the Co-op. It covered everything except flowers and a notice in the local paper. He certainly got his money's worth as he lived to be 94 and costs had tripled from when he paid for the plan. He even got his C0-OP dividend on the cost.

Lovely bit in the Times to-day .
Dad to son ...." What would you like for your birthday son ?"
Son ... " A funeral plan please "
Dad...."Why on earth would you want that at your age ?"
Son ... "Because you get a free pen "

www.theguardian.com/money/2017/sep/09/prepaid-funeral-plans-experts-warn-national-scandal

Just be careful