Planning for death

A question about : Planning for death

Hi all,

This thread's specifically for discussing the Death happens - plan for it checklist. Please share your experiences and any tips that have helped you financially prepare to help others after you've gone. Are there any useful resources you've found along the way, or any tips that have made discussing it with loved ones a bit easier? Just click 'reply' to post,

Thanks,

MSE Rose

Best answers:

• Hi
  Is there any way I could print out the information on the factsheet. It's really very good and I would like to work from it, section by section
  thanks
  Lynne
• It might sound alien to some, but consider arranging a pre-paid funeral. There are various options available but it gives YOU the opportunity of arranging the detail(s) of your funeral in advance and, importantly, paying for your funeral at today's prices. Downside is often a slightly higher cost for the prepayment but think of it like the arrangement fee paid to a mortgage provider for a lower interest rate, the long term savings will probably outstrip the extra cost. Hopefully you won't be using the plan for several years by which time the cost of a funeral will have risen beyond your outlay.
  When taking out a plan, check on what costs will be refunded if not required e.g. the cost of Doctors medical certificate for cremation if H.M. Coroner requests a post-mortem will be met by the Coroner and the fee,in fairness, should be refunded to your family. If in doubt, or you have questions you need answering, consult a local Funeral Director (or two) who would be willing to give advice and/or a quote completely free of charge.
• This is excellent - I will definitely be printing this out.
  One tip (which I must do) is to give your executors either copies of significant documents or detailed instructions on where to find them. Maybe the Age Concern LifeBook caters for that - will look into it.
  For instance I have death certs and probate cert for my late husband so I could give sons (executors) those docs and copy of my will.
  Again not done, but was advised to think and put in my will where I would want my estate to go if sons pre-deceased me. Could be a charity or more remote relatives.
• my parents have just arranged their own funerals its cost them Ј3200 each thats for a humanist type ceremony and cremation.
• My husbands life assurance has just expired and the company won't re-insure him because of his poor health. I am worried that I won't be able to afford the funeral or even pay my bills after his death. Anyone got any advice please...thanks
• I did a pre-payment funeral plan when I was 30 - 18 years ago now, as I had become single and did not want my parents to have to foot the bill. It cost me Ј960 in total! I was able to pay by instalments over five years and now I don't have to worry.
  My parents both had these plans and it was a godsend when they died, as we didn't have to worry about finding the money.
  My mum had also put in the folder what music she wanted at the ceremony as well, so I didn't have to do anything.
• My wife died earlier this year and I was most surprised when her bank transferred the balances of her current & savings accounts to me within days after sight of only the death certificate. In the past nothing would have occurred until Grant of Probate had been issued. I may have been fortunate but had it been me who died and my bank had blocked my accounts until probate then my wife could have been hard pressed to meet all the day to day bills let alone those of my funeral!
  Some time ago we decided to avoid any such problem by changing all of our individual savings accounts into joint accounts. This way title would immediately, upon production of death certificate, be switched to the sole survivor. Not immediately useful for fixed rate accounts but the principle is there for any type of account. Obviously it depends how much there is one's savings and what ones usual outgoings are.
  If anyone knows whether accounts are released nowadays without probate please advise otherwise what we did may be worth while giving some consideration.
  Another point worth bearing in mind at the time of death, you'll be asked when registering the death whether you want extra copies of death certificate. The more the easier it is to get matters moving along. Six copies do not cost a great deal and enable you to contact six authorities/banks/share registers etc at a time. The certificates do come back but the fewer you have the longer it will all take. The same will also apply when you get the grant of probate but by then you'll know how many you ought to obtain.
  What ever you do picking the right moment to raise the subject with your partner is absolutely paramount. As a bloke I was very much at risk of putting my foot in it! For once I got it right.
• Yes, getting 6 death certificates was a wise move as well as obtaining about 4 probate certificates - made things easier.
  Businesses you send death cert and probate cert to do return them.
  Always ask for the death department when calling a company - most do have dedicated advisors when calling about a departed. This is really useful as they treat you sensitively and actually help you do what needs to be done. You can contact them at any time with anything to do with the death - even months after. Get a name though would be my advice.
• Santander have a ceiling of 25k where if below no probate. If above yes, want a probate.
  Nationwide seems to want a probate whatever the amount (Ј400 in my case).
• The Free Wills Month scheme (running now) may be the most beneficial to the selected charities - called today at local participating solicitor who said they only charge the selected charity Ј20 for a simple will (compared with the Ј90 odd charged under the national November scheme for instance). Not sure if this low charge is standard - if so, perhaps it's worth drawing attention to it in your guidance.
• My Dad died very suddenley last month. He had arranged a funeral plan with Jennings 10 months earlier so the actual funding was not an issue although there were extras like the flowers, order of service etc. Also Dad had bought a cremation plot several years earlier for my downs syndrome brother, mum & dad but I had to pay Ј249 to get the grave opened (hole dug a foot in other words !) Also the casket for the ashes was Ј87 plus the expenses for the wake. None of this was a problem because Barclays transferred the money straight to the funeral directors. Dad also had made a will so that was straightforward. The only thing I would say is that even though Dad had paid for a funeral plan, he had not left any instructions on exactly what he would have liked for the funeral. I had a fair idea but I would say to anyone who has family, please leave a few details on hymms, flowers, charities you would like donations to go to etc...it just makes a stressful time a little easier.
  I also had several copies of Dads death certificate, they were only Ј3 each but alot of places would only accept the originals. I found the bereavement centre very helpful too, they advised several legal departments such as dvlc, pensions, hmrc etc with just one email.
  Also if you are doing a funeral plan, make sure that you have organised a grave or cremation plot, unless you are having ashes scattered, plots can cost Ј800 upwards . I hope my experience has been useful.
• I lost my husband suddenly this year and it was an absolute godsend that he left his life insurance in trust. Often it is just an extra form to complete when the policy is set up, and sometimes (although not always the case) some banks etc don't highlight it when the policy is set up.
  Compared to leaving your life cover benefit in your will or through intestacy (the complex rules that apply when there is no will), a trust will give you greater certainty and benefits.
  Here are some points you may wish to consider:
  Immediate payment on your policy...A Life Cover claim is made at a stressful time for the family with both emotional and administration issues to be taken on board. A trust can pay the life cover benefit to the trustees to pay the money over to a beneficiary straight away so that their financial position remains sound and they can focus on the future. If the policy were not under trust then there would be a delay in payment until probate, when the will is deemed to be valid, or letters of administration are obtained where there is no will. This can often take up to six months.
  Reducing your Inheritance Tax (IHT) liability...When you write your policy in trust your premiums are known as gifts for inheritancetax purposes and can usually be covered by generous exemptions. The proceeds will not form part of your estate, where inheritance tax becomes payable on assets over Ј325,000 (tax year 2011/2012).
  I hope this helps.
• I'd like to add some elements of my experience as someone in their early 40s who has lost their husband, I hope this may be useful to someone. Although some of what I say here is concerned with after someone dies, I hope it sheds light on what should be done before too, it's not something we had thought about as much as we possibly should have.
  One of the things I would like to add, as someone who lost their beloved husband far, far too young, is that you should manage your expectations of how long all the financial stuff takes once you are in the unfortunate position of sorting it out, acknowledge it will be stressful and be kind to yourself.
  I have found the responsibility of dealing with this a crushing weight that has kept me awake at night, combined with the aching grief of losing someone you love, it's a powerful force which can knock you for six. Take things slowly and one day at a time, an hour at a time if you need it.
  Find out about solicitors, be clear on what their role is, rather than like me, having some woolly notion that you will "need their help." Find out about their cost structures, how they work and charge and what expected costs for assisting are likely to be. Find out how long it takes them to sort out probate with previous or existing clients and carefully consider how much of this you could do yourself. Be realistic. I think had I known this stuff, I would have been much better equipped to deal with it all.
  For example, I have sorted all pensions paperwork and money owing myself, it has been complicated and stressful but ultimately rewarding and I know my husband would be proud of me. A solicitor offered to look into all of this but I was concerned by how much this would cost.
  If you are diagnosed with a terminal illness, research whether any life assurance you have with an endowment/mortgage provider will pay out early. The same goes for occupational pensions -- where there is a diagnosis of a terminal illness and life expectancy is very limited they may have a clause allowing them to pay out early -- we acquired a consultant's letter confirming my husband had months to live but sadly he died days later.
  Six months on, I am still waiting for news of probate being granted. A very kind friend who is a solicitor was helping me with this but unfortunately was taken ill themselves, I opted to take it on and avoid further charges. Again, I feel it is the right thing to do now, I am stronger and for me, it's the right thing. There's excellent advice in different threads here about doing it yourself but professional advice must be key for most people.
  This may sound such a ridiculously simple thing to say but I would also point out that you need to write everything down when you are given information through contacting the various bodies/financial institutions and keep it in the same place, with certificates needed. I have found that becoming absent minded and forgetful is a symptom of grief and have spent far too long looking for my marriage certificate this week -- when I know I had it three weeks ago! I'm going to have to bite the bullet and pay for a new one, to change my name on my driving licence (we married shortly before my husband died after 16 years together.)
  When it comes to your mortgage, if you have a life assurance payout, then you really need to carefully consider the current economic climate and possible future outlook. Like most people I think, I have always believed that paying off your mortgage is the right thing to do. However, this may not be the right course of action -- carefully consider what type of mortgage you have and the interest you are paying, at what rate -- if you can get a better rate in a savings account, by the time the date of when you should pay off your mortgage, you may have made more money on top. I used the mortgage repayment calculator here, it was a genuine education for me.
  There's a general perception that you shouldn't take any big decisions within a year of a bereavement and I think that's a good thing to remember when dealing with savings and investments, I'm not saying don't invest or save but somehow you need to be confident you have made the right decision -- even down to whether you should put money into a one, three or five-year bond -- I have found I am obsessing over things a little and am very grateful for the advice and support of an IFA who first came to see us before my husband died. He will talk to me further down the line about investment opportunities but for now he has been a good support.
  This may also be a time when you find out for the first time in your life you are eligible for benefits -- Widowed Parents' Allowance for example or Tax Credits due to the loss of your partner's income. These are up for reform but still exist for the time being, some are taxable and others aren't -- again it's a lot to take in -- so recognise your achievement in getting to the bottom of it all. Macmillan and CAB may be able to help.
  Lastly, I hope it's okay to point out, that I don't think you should feel nervous or embarrassed about citing a recent bereavement in any correspondence with relevant bodies/businesses. For example, I closed a credit card and refused to pay interest after they chased for a payment which was a day late. I also successfully challenged a parking ticket as on the day in question, when I didn't notice a particular sign, I was on another planet.
• Something else to consider: talk to your loved ones now about what THEY want, so when the time comes you don't have to guess. You probably won't have the ability to make any rational decision at that time.
  For example, I have no idea what music my DH would want, or where he'd want his ashes scattered and if he was taken suddenly then he would have to be happy with my decisions. Because we had a grandparent's terminal illness to deal with when in their teens, my sons & I have consequently had vital but entertaining discussions about my funeral music choices, what I want and where I want my cremation to be held.
  I have now told DH where he'll be scattered, and he's OK with my choice
• I arranged my funeral today so my children don't have the hassle. My daughter came with me so she's fully au fait with the arrangements, and made some valuable input of he own.
  On advice of another poster I chose to go to a small local funeral director and was more than pleased with the price I've been quoted, certainly less than some of the 'chain' FD's.
  To keep costs down I opted for no limousines. Everyone these days has a car and most will meet at the crem anyway so it's an unnecessary expense (and I don't think anyone will be grieving so much they'll be incapable of driving!) The coffin is cardboard, decorated with daffodils which is one of my favourite flowers .
  With office hours viewing, a lineage notice in 2 newspapers, music arrangements, a contribution towards disbursements - the celebrant (a bit of a misnomer for someone conducting a funeral!), crematorium etc., - the cost is under Ј2,500. I'm more than happy with that, I expected it to be Ј3000 +, so there's something left to pay for a wake afterwards.
  I can't tell you the relief I feel at having got this out of the way. I have no intention of popping off for a very long time so it ensures that regardless of inflation the children won't have to find a large sum of money, and they know now just what I want and what the FD takes care of. I'd recommend anyone to do it for the peace of mind and to help the family or whoever would otherwise have to make all the arrangements when they'll have enough to do at that time.
  Now to get the will done....
• As sole executor to mums estate ,dad died many yrs ago and some people may think this is being hard but consider leaving the executor a sum of money for there time as they put in quite a bit of time in there role AND after all if a solicitor was employed there would be less money for the benificaries.Remember that although the executor can claim there expenses they can't claim for there time.