If you set aside money for a funeral plan, you can pay for your funeral up front without burdening your relatives. However, the surviving members of your family can pay for your funeral too. For example, if the money from your estate is untaxed, then family members can pay for your funeral from the estate when you die.
Arranging to Pay for Your Funeral up Front
You can buy a funeral plan from a funeral director or a provider. You may choose to remit monthly instalments for up to ten years or hand over a lump-sum payment. The amount you spend will depend on the type of funeral you choose.
Know Exactly What You Are Buying
Funeral plans frequently cover costs associated with the viewing, the limousine procession, and a service at the church. However, some of the plans exclude expenses such as the burial plot or flowers. So, when you are speaking to Wirral funeral directors about prepaid plans, make sure that you review all the details. Know exactly what you are buying before making a commitment and paying any money.
Review the Family Budget First
Because a funeral plan covers your funeral costs when you are gone, carefully review your family’s expenses. If your estate can easily cover the funeral costs, even with future increases, a basic plan might suffice.
Therefore, if you are in the planning stages now, you need to review the cover of various plans. Almost every plan will pay for the supervision of the body and hearse transport. If you do choose a plan, try to pay it off as soon as possible. Most plan providers offer instalments from one year to 120 months. If you cannot provide a lump-sum payment, paying in fewer instalments will at least help you save around 20%.
Needless to say, the decision to pre-pay is a good one provided that you have all the facts and know what, specifically, is included in a plan’s amenities.