The Benefits of Funeral Planning for Financial Wellbeing

The Benefits of Funeral Planning for Financial Wellbeing

Planning for the end is never easy, but sometimes it can help to look on the positive side of things. If you want to leave behind a legacy and prevent as much stress as possible for your loved ones in their grief, then you will want to plan your funeral ahead. As well as stress remediation, this process can offer benefits for the financial wellbeing of you and your family.

At Hansford Bell, we seek to give our clients closure and support with their end-of-life plans. In this article, we’ll walk through some of the common questions around funeral planning and the benefits it offers, giving you a clearer view of the steps to take before your death.

If you have any queries or concerns, please get in touch today – our friendly team are always on hand and happy to help.

What is a funeral plan?

A funeral plan outlines the process of your funeral. They often include:

  • Arrangements for collecting and handling your body
  • Details for the funeral itself
  • Allocation of funds to pay for the funeral

As part of your estate planning, having a funeral plan in place means that you don’t need to worry about where the funds for your funeral will come from. It also means that you can determine exactly how your funeral will proceed, helping you to secure your choice of graveyard burial, cremation, or other options like woodland burials.

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How much do funerals cost?

On average, a funeral costs £3,953. However, this can vary greatly depending on the location of the funeral, the type of funeral, and any additional plans you make in your remembrance.

For example, being buried – especially in a city – will cost a lot more than a simple cremation. Likewise, having events held with funeral directors, an extravagant wake, and other memorial services can also increase the price.

A funeral can often determine how you will be remembered, or at least the way in which you provide closure to your loved ones. As such, it is a necessary expense to ensure your memory persists in the way you desire.

Who pays for your funeral?

There are three main parties that could be the one to pay for your funeral:

  • The executor named on your will
  • Funds from your estate
  • Funds allocated by your funeral plan or life insurance policy

In the case of the executor, who is often your next of kin or other family member, they will need to fund your funeral and associated costs if other provisions haven’t been put in place.

If the executor has full legal access to your estate, they may be able to use it to fund the funeral. This is a good way of stopping your next of kin from bearing the brunt of the financial impact that your death may cause, in the event that your plan doesn’t cover this eventuality.

Finally, if you have set up a funeral plan or taken out a life insurance policy that covers your funeral, then the finances should already be in order in the event of your death. In this case, your loved ones shouldn’t have to pay anything, allowing them to focus on the more pressing matters of your passing.

When should you start planning for your death?

There is no set time when you should start planning for your death, as there is no way to know when it will come to pass. Some people start as early as possible, even when it seems like a faraway concept, and this can give them time and reassurance in case the unexpected occurs.

Others start planning their estate and inheritance as part of their retirement planning. This enables you to understand your finances – both what you’ll have to spend, and what you can leave your loved ones after you die.

Whenever you choose to start planning your retirement, estate, and inheritance, ensure you have a firm idea of what lifestyle you want to lead in your golden years, and what you want to leave behind. This means that, when the time comes, you can be content in the knowledge that everything will be handled according to your wishes.

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What are the benefits of planning your funeral?

Planning your funeral is more than just a sensible decision – it offers benefits to both you and your loved ones, helping you secure financial and emotional wellbeing and stability. Some of the key benefits of planning your funeral include:

  • Protecting your family and estate from unexpected costs after your death
  • Preventing your inheritance or your family’s own money being used to fund your funeral
  • Providing peace of mind to you and your loved ones
  • Ensuring you receive the care and service you wish for after you’re gone
  • Preserving your memory

It isn’t easy thinking about the end – but it is necessary to plan ahead if you want to improve your wellbeing while you’re alive, and the wellbeing of your family after you’re gone.

Maintain your financial wellbeing with Hansford Bell

At Hansford Bell, we seek to provide you with the support you need to manage your estate and inheritance, so your loved ones can receive what you intend. From helping you manage your finances to secure the best outcome for both your lifestyle and your family, to ensuring a funeral plan is in place to deal with everything when the time comes, we can help you reduce your stress and anxiety while protecting your assets.

To find out more about how we can help you preserve your wealth for your family, explore our estate and tax planning services or contact our friendly team today.

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Disclaimer: this article is for informational purposes only and does not constitute advice.

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Hansford Bell aren’t your average team of financial specialists. We take the time to get to know our clients and help them realise what they want from their life, whether that’s a personal ambition or a financial goal.

Our planners are highly experienced and know the industry inside-out. We combine simplified, straight-forward tips and guidance with cutting-edge technology and a comprehensive understanding of your situation. We focus on your finances, so you can focus on living your life.

Want to know more? Talk to us today and we can start making that dream future a reality!