Funerals are an urgent matter, but it is an issue most people find uncomfortable to discuss. But when the inevitable happens, it can be devastating for the ones left behind. Aside from the grief, funerals also need a lot of paperwork. In the UK, prepaid funeral plans are something that people avail of to spare their families from the stress of preparing for their untimely demise. How do prepaid funerals work?
Use life insurance money
When the policy owner dies, the amount is usually enough to cover the expenses of the funeral. The family should know about this so that they can use it accordingly. Sometimes this fact isn’t known until it is too late.
Get life insurance or bank trust with the funeral parlour as beneficiary
This ensures that the funeral home will take care of your needs after you die. They will only have control after your death.
Get Pre-paid plans with funeral homes
With a prepaid funeral plan, you have to check carefully and ask questions such as: How much is the monthly payment? What happens if you die before it has been fully paid? The company has to be very stable, so you should choose funeral homes with a long history of service.
Use your bank account money
There are bank accounts that are intended for paying funeral expenses, and this will be available for your loved ones after you die. You can choose who the assigned person will be. While alive, you can add money or withdraw money from this account. This is called payable on death account.
Get a joint account
Many times, the money of an individual cannot be accessed immediately after death. With a joint account option, the partner can access the money and use it for funeral expenses. However, make sure that the purpose is evident in setting up this joint account. Set up another one that you will use for other savings or your revolving fund. The money here should be allotted for your purpose.
Funerals are devastating for those left behind, especially if they have no idea on what to do. With a prepaid funeral, you can save your family from financial worries. You can show your love and care for them even after you are gone.