With funeral costs rising faster than inflation, pre-paying makes sense. Moreover, as local authorities have become ever more aggressive in extracting money from those who are forced to go into nursing care, paying in advance means there’s less money for the local authority to get its hands on if you end your days in a care home.
We’ve seen too many situations where the children of a deceased client are not equally wealthy, where one can afford the share of the deceased’s costs and the other can’t, resulting in arguments that permanently impair siblings’ relationships. Most parents want their children to get along well with each other after they’re gone, however, so the less there is to argue about the better, especially where money is concerned. A prepaid plan means that the money is there when it’s needed. Estates take time to settle, but funeral directors will want paying no more than 28 days after the funeral and many now demand payment in advance. A prepaid plan means the bereaved won’t need to borrow money to give their loved one a decent send off.
In selecting a plan, the security of the investment is all-important. We wanted to be absolutely sure that any plan we sold would pay out as promised when the need arose. Never have we ever recommended an investment that has subsequently failed a client. With the plan we recommend, client monies are held in a Trust run by a board of independent trustees to pay the agreed cost to the independent funeral directors when the funerals take place. This arrangement ensures that clients’ money is safe and nothing can affect the future payments for the funeral plans. The Trust uses the most well-known and respected professional advisers. Barnet Waddingham are the actuaries and Brodie’s Solicitors do the legal work. Grant Thornton LLP are the auditors. Baillie Gifford, Legal & General, AVIVA and Royal London between them manage the underlying investments.
If you would like to discuss how one of our plans can provide your loved ones with peace of mind, please give us a call.