Prepaid funeral plans and prepaid probate

Apr 4, 2018 | Tony Byrne's View

A client of ours died a few years ago and his widow, in a state of shock, said she did not have enough money to pay for the funeral! On further investigation it turned out that she did have enough cash in the bank to pay for it but it did cause us some consternation at first that we had somehow failed to ensure that this couple had enough cash savings to pay for such an event.

Ever since this incident I have recommended to clients the importance of prepaid funeral plans. So what is a prepaid funeral plan?
Well quite simply it does what it says on the tin! You quite literally pay for your funeral in advance.

Funeral plans help cover the cost of your funeral when you pass away. It’s a simple way of planning and paying for your funeral in advance, relieving your family from having to make as many difficult decisions about your final send off.

The real benefit of taking out a funeral plan is that you can effectively freeze the cost at today’s prices, meaning your funeral will be protected from future price increases. With the cost of funerals increasing well in excess of inflation each year you are effectively buying a tax free high growth investment!

From choosing your funeral director and dealing with paperwork to organising the service and transport arrangements, everything in the plan will have been taken care of when the time does eventually come. For complete peace of mind, it really is essential to be financially prepared.

Prepaid Funeral Plans fix the cost of the funeral services included in the plan at today’s prices, so your loved ones won’t have to pay a penny for these services after you’re gone.

There is a further service available known as prepaid probate which allows you to pay for probate in advance of your death. The problem with such plans is that there have been instances where the individual has lost out due to the fraudulent practices of the prepaid probate plan provider. As a result the Law Society has banned the sale of prepaid probate plans by lawyers. That says it all really. If the Law Society doesn’t allow it then you shouldn’t buy it either.

6 years ago my father died of Alzheimer’s Disease after many years of struggle including the last 2 years in a residential care home. I distinctly recall the depressing visits to the doctor’s surgery, the Registrar for Births , Deaths and Marriages and finally the funeral directors to organise the funeral. I vowed from that day onwards that if I could at least help bereaved families to avoid the last of these visits it would alleviate their pain a little. I still stand by that conviction today.

So if you haven’t already done so I recommend prepaid funeral plans to all. If you would like advice on applying for a prepaid funeral plan do contact us.* You know it makes sense.

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