Funeral Costs Rocket Ever Upwards
In the 2014 review of funeral costs, overall funeral costs have risen by a dramatic 10.6% to an average of £8,427.
To be fair this includes other aspects of the cost of dying :
- £3,590 for the actual funeral.
Includes the fees for the funeral director, the cremation or burial, the doctor, and the minister or celebrant.
- £1,883 for funeral extras.
Includes the memorial, death and funeral notices, flowers, order sheets, limousines, the venue and catering for the wake.
- £3,004 for dealing with the probate side of the estate.
This is the average amount spent on hiring a professional. Many people of course will deal with straightforward estates themselves or us DI Probate help for deaths in England and Wales. The Probate Department Ltd also offers relatively low cost help.
So what can you do to keep the cost of dying down?
- Prepaid funeral plans vary widely in what they include as standard, and some don’t even cover the cost of cremation, leaving the family with an unexpected and sometimes large bill. The cost of cremation varies dramatically from area to area, as does the cost of burial plots.
Most prepaid funeral plans will include the costs of the actual funeral, but not always of a minister. Most give you the option of including limousines if you think they are important. Most do not include any other matters, but some will allow you to include a sum of money to cover other things mentioned above, and will increase that sum in line with inflation.
- Make a Will and keep it both safe and up to date.
Folk booking a prepaid funeral plan through us can have heavily subsidised new or revised Wills and a comprehensive estate planning review. Will Custodian Ltd offers storage and review services.
- Review your savings and investments.
Very often, probate is required for the sake of one investment, or of having too much money in one place. There are some tips you may find useful here: http://theprobatedepartment.co.uk/avoid-probate/
This puts your home outside your estate from the point of view of probate, though it does need to be included on the IHT400. Your home can then be dealt with immediately after death rather than waiting several months for a grant of probate.