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Funeral Costs

Taking the sting out of funerals

No one likes to talk about planning for a funeral but without forward planning the costs can quickly spiral out of control leaving loved ones stumped when it comes to giving a well deserved send off without getting in to debt. It’s not easy to talk about funerals and many find this a daunting subject to approach but it needn’t be that complicated and many find it gives them comfort to know that they have prepared should the worse happen. It is always a good idea to keep track of your current financial situation and to let loved ones know where you are financially. This will help cut out any confusion later on and gives peace of mind if there are any debts or if you don’t have the savings that you intended to have by this time. You can’t take money with you and the last thing that you could do for those you care about is take some of the worry away by planning in advance.

Funeral costs

A funeral on average can cost between £3000-£5000. There are ways of cutting the cost of the funeral such as having a Direct cremation where you cut out the need for a Funeral Director and any other costs and could cost as little as £1600. Looking into all the options gives you a clear idea as to how much your funeral could cost and help you to really think about what you would like as well as help you save towards this earlier in life.

Inheritance Tax

Inheritance tax planning can be a way of ensuring that your loved ones don’t lose money after you have gone. If you think that your estate is likely to have assets totalling more than 325’000 or 650’000 if you are a couple then there will be inheritance tax issues. One way of avoiding this is to sign over some of your assets at least 7 years before death and so this is something that many should think about when it comes to forward planning for this often unmentionable time. When you die the Government asses your estate and up to 40% could be lost to Tax and that’s why it is essential that you consider this to help protect your wealth. It’s your money and it should be left to who you want it to be left to, don’t leave it too late and lose it if you don’t need to.

Power of Attorney

By giving a loved one Power of Attorney  (Known as LPA)this will protect you and them should you lose your facilities during the later part of your life and means one less thing for you to worry about. It is a legal document that gives those you care about the power to make decisions on your behalf. It can be done years in advance and is there as a protective barrier around any decisions that may need to be made at some point before your death.

Make your Will

Making a Will ensures that your money goes to those you want it go to and help avoid any potential conflicts in the family once you have gone. It is especially important once you are married to think about your Will to make sure that your partner is provided for. The costs of a Will can be relatively inexpensive and in some cases free and so it’s always worth your while looking into this as soon as you have dependents relying on you. Plan your own funeral and make sure that you have the send off that you want will ensure that the costs are known in advanced and potentially paid for years ahead of your time. Another part of making a Will is to make a Living Will which is legally binding and outlines what medical intervention you want or don’t want if you lose the capacity to make these decisions for yourself.

Life Insurance

Life insurance often gets more expensive the later in life that you leave it but can be a life saving protection for those who you leave behind in the event of your death. Many don’t think about this until their later years and yet once you have children or any dependents it is really important to have this i place because no one can predict the future.

Whatever you choose to do, it won’t be an easy subject to think about but it does give you peace of mind that you will have the funeral you want to do, you have protected those who you leave behind and means your money only goes to those you want it to go to.

Take time to think about what you really want, start early and plan ahead.


Funeral Costs
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Funeral Costs
why have funeral costs risen so dramatically over the last ten years?
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