How to Prepare Financially For Your Death

How to Prepare Financially For Your Death
0 comments, 22/01/2014, by , in Personal Finance

It’s unlikely to be a subject you’ve spent much time pondering, but monetarily preparing for your death offers unrivalled peace of mind and shields your family from the financial shortfalls so often associated with bereavement.

Prepare Financially For Your Death

As we advance in years, the niggling feelings of our passing being a financial burden to loved ones is often enough to prompt us to do the right thing by planning ahead to ensure their future isn’t plagued paying off exorbitant funeral costs.

Given that bereavement is understandably upsetting, passing away is not an easy notion to entertain, with many of us perhaps harbouring delusions that death is something that only happens to other people.

Despite the difficulties of confidently confronting death head on, it’s important to put your cards on the table – even if you’re relatively young – as leaving family members with a mountain of debt is an undeniably painful thought.

Indeed, this national reluctance to talk about death is rearing its head by way of potential debt issues, with around 82 per cent of folk in the UK having no plans in place to cover the cost of their funeral.

In all honesty, knocking your funeral finances into shape is easier than you may think, with a range of options available to cover expenses and ensure your loved ones are dealt less of a blow should the worst-case scenario suddenly play out.

Explore the benefits of a funeral plan

While you still have a full set of marbles rolling around upstairs – and the urge to do right by your family – it’s time to face your fear of the unknown by researching the costs of a funeral plan and the type of service you would like when the time comes.

As the price of a funeral continues to rise (it’s estimated the average cost will be around £6,000 in the next 10 years), it pays to arrange a funeral plan now, which will secure your service at today’s prices rather than the inflated rates of the future.

Quite simply, a prepaid plan covers every aspect of your funeral, including doctor and clergy fees, along with the provision of a hearse and limousines, as well as the services of a funeral director of your choice.

Not only that, but planning ahead means you can customise your send off to include songs, prayers and hymns that are special to you, and arrange for family members to read passages in your memory.

The simplest way to arrange this is to discuss your wishes with your friends and family, and outline how you would like your financial affairs put in order, which will go a long way to relieving the stress and strain at a justifiably emotionally charged time.

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