How to save financially on your funeral

By: Dimitris Papadopoulos Personal Finance 2 Followers

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It’s impossible to take it with you, but shrewdness with cash can make your journey from life to afterlife markedly easier.

Undeniably, contemplating your own demise is an unsettling and occasionally unfathomable prospect, but, like taxes, it’s an inevitability we should all be prepared for.

According to the Dying Matters Coalition, the discussion of death and making end of life plans remains unmentionable for many, despite 54 per cent of Brits experiencing bereavement in the last five years.

Given the example set by GPs, however, it’s little wonder the public are refusing to open up about death.

A lowly 33 per cent of GPs have actually talked to someone about their own end of life wishes, and only 56 per cent have written a Will. Shockingly, almost half have not registered to become an organ donor.

It’s also been found that 60 per cent of adults have not made a will and 46 per cent have made NO financial provisions for their own death, which is contributing to debt issues as funeral costs continue to rise.

By taking the time to get your affairs in order now, then, it offers unrivalled financial and emotional benefits, and avoids piling the burden on your loved ones when the time comes to deal with your estate.

This is where a probate plan is worth its weight in gold …

Explore the financial benefits of a probate plan

After death, the legal process of allocating your cash and other possessions to inheritors is what is known as probate – a process that has the potential to be costly and problematic if not conducted properly.

Additionally, if you’re resident in England or Wales, a Grant of Representation will be required ( in Scotland, a Certificate/Letter of Confirmation is needed) to legally entitle one or more folk to deal with your estate by gathering monies, paying any debts and allocating assets.

Importantly, however, if a mistake is made when dealing with creditors, the person allocated to deal with the estate can be held responsible for any financial loss.

To sidestep expensive errors, it’s crucial to pay for probate in advance and at a fixed cost, allowing you to get on with the rest of your life.

When you sign up for a probate plan, you can rest assured that a qualified solicitor will be on hand to deal with the appropriate services and offer first-class support to your family members, which negates the need of a bereaved loved one divvying up your estate.

What’s more, the plan provides comprehensive peace of mind, which allows you to:

- Make savings by simply planning ahead.
- Make future plans confidently.
- Protect loved ones from financial strain.

Quite simply, it pays to plan ahead and the advantages of putting your affairs in order with a probate plan outweigh the fleeting morose thoughts associated with it.


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