are funeral plans secure?

rlathamcheshire

New member
Dec 28, 2018
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I've recently been diagnosed with dementia and have started to look at funeral plans with the constant advertising. I've come across a company near where I live in who place funds in the a Trust. Is your money protected and secure within these funeral plan arrangements?
 

DeMartin

Registered User
Jul 4, 2017
711
0
Kent
I've recently been diagnosed with dementia and have started to look at funeral plans with the constant advertising. I've come across a company near where I live in who place funds in a Trust. Is your money protected and secure within these funeral plan arrangements?
I’m sorry to hear of your diagnosis.
If you go with a prepaid funeral plan consider your wishes, and write them down. Type of service, hymns, cremation or burial.
It’s tough to think of these things, but if family do not know your wishes it can cause discord in a family at a sad enough time.
My mum has a funeral plan, but has left no indication of her wishes regarding services and placement of her ashes, she now is incapable of giving these. My dad left a simple but explicit note of his wishes, this summer we were able to follow them, it saved a lot of family discussions and heart break.
 

DeMartin

Registered User
Jul 4, 2017
711
0
Kent
I've recently been diagnosed with dementia and have started to look at funeral plans with the constant advertising. I've come across a company near where I live who place funds in a Trust. Is your money protected and secure within these funeral plan arrangements?
I’m sorry I didn’t realise it was your first post, there is a thread called Welcome to TP, it’s highlighted in pink, probably a few pages back, you may get more responses posting there, more people will see it, and give more assistance.
 

Grannie G

Volunteer Moderator
Apr 3, 2006
81,447
0
Kent
I took out a funeral plan with the funeral director who would conduct my husband`s funeral.
 

Duggies-girl

Registered User
Sep 6, 2017
3,620
0
I've recently been diagnosed with dementia and have started to look at funeral plans with the constant advertising. I've come across a company near where I live in who place funds in the a Trust. Is your money protected and secure within these funeral plan arrangements?

Hi @rlathamcheshire my mum and dad took out funeral plans many years ago and I am guessing that they saved a lot of money by doing this. My mum died seven years ago and dad was pleased that he did not have to worry too much about it (his dementia was just starting to show then) and that everything was already paid for. It was with the co-op and everything was taken care of to our wishes but I know there are other companies that you could consider.

I suppose I will be glad of it when dad dies that his funeral is already paid for but he has given us no indication of his wishes so I suppose that is something that you could consider if you have family.

I am sorry about your diagnosis but you are right to look forward. I have thought about funeral plans as I have a son to consider and would like to save him any worries in the future but I just have not got round to it yet but I will.
 

karaokePete

Registered User
Jul 23, 2017
6,534
0
N Ireland
My wife was diagnosed with dementia a couple of years ago. I arranged a funeral plan for her with a long established company which placed the funds in a trust. I will be making arrangements for myself next year when a savings bond matures.

It just seems like one less thing to worry about.
 

Izzy

Volunteer Moderator
Aug 31, 2003
74,002
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72
Dundee
I took out a funeral plan with the funeral director who would conduct my husband`s funeral.

I did the same as Sylvia. When my husband died it was good to know I had everything in place and didn’t have to start from scratch. I also took one out for myself when I bought his. That was 6 years ago so I’m presuming it was wise for me to do so.
 

Bunpoots

Volunteer Host
Apr 1, 2016
7,342
0
Nottinghamshire
My aunt and my dad took out funeral plans with a local, well established firm of undertakers. I was executor for my aunt who died 6 years ago and now for my dad who passed away just before Christmas. They left instructions on the type of service etc they'd like and it's a great relief at times of bereavement to have everything paid for and decided in advance.
 

Louise7

Volunteer Host
Mar 25, 2016
4,693
0
I've come across a company near where I live in who place funds in the a Trust. Is your money protected and secure within these funeral plan arrangements?

There are a lot of companies springing up offering pre-paid funeral plans and currently this is an area which is not financially regulated. Also, there have been news articles about how some plans don't cover everything, leaving relatives to make up the shortfall. If you are considering buying from a company other than a long established funeral directors make sure that you do some research first into exactly what is covered by the plan and what safeguards are in place to ensure that your money will be protected if they go out of business. Always read the small print before signing!
 

AliceA

Registered User
May 27, 2016
2,911
0
We bought ours when persuading my parents it was sensible for them. It worked very well in both cases, we have moved and the scheme designates a new funeral director each time.
We chose one originally supported by the old Age Concern and Barclays Bank.
As Louise said do your homework first.
 

love.dad.but..

Registered User
Jan 16, 2014
4,962
0
Kent
My mum and dad took out funeral plans with a long established national company via Age UK. Both funerals were no frills basic...their choice...and I was disappointed on both funerals that a further amount £700/900 was charged to the estate not because we had anything that wasn't covered in their plan but the plan accrued a commission/managing fee taken off their purchase amount which I doubt mum or dad would have been aware of. They thought once bought the price for their funerals were fixed with no extra charge unless we added something. On both funeral costs I questioned the extra with their head office but not much I could do. Fortunately we had adequate estate funds but it left me feeling cheated on behalf of mum and dad. The sooner the funeral business and these plans are regulated the better. On the whole a good idea but ask questions and read the small print.
 

Bod

Registered User
Aug 30, 2013
1,958
0
There are a lot of companies springing up offering pre-paid funeral plans and currently this is an area which is not financially regulated. Also, there have been news articles about how some plans don't cover everything, leaving relatives to make up the shortfall. If you are considering buying from a company other than a long established funeral directors make sure that you do some research first into exactly what is covered by the plan and what safeguards are in place to ensure that your money will be protected if they go out of business. Always read the small print before signing!

+1 from me.
Double check exactly what is and is not included. If it's not written down then it won't be included.
Read ALL the small print.
Ask a trusted friend, or even a solicitor to read it as well.

Bod