Paying for a Funeral
The death of a loved one is a difficult time. The last thing you want to be thinking about is money. Yet funeral arrangements must be made, and some cost is involved in these preparations. It’s important for you as a family member or loved one to understand the expenses involved. As Sydney funeral directors, we care about each client and our aim is to provide you with as much information as possible, to help remove a bit of the overwhelm during this challenging period.
If you’re an individual pre-planning your own funeral, the related expenses are sure to be on your mind. When possible, we recommend funeral pre-planning as it gives you the opportunity to indicate your own personal wishes, and, should you choose, to create a situation that eases the financial burden on your loved ones. Read on to learn more about paying for a funeral in the Sydney area and beyond.
Pre-Planning a Funeral
Often, death arrives unexpectedly. But many individuals choose to prepare in advance for end-of-life and to make the appropriate arrangements. While planning your own funeral is understandably difficult to consider, terminally ill persons, the elderly, and others may find peace of mind through these services. When you pre-plan a funeral with Family Funeral Services, we discuss and record all of your personal preferences. If you’re concerned with funeral costs falling to your loved ones after your death, you can set up a pre-paid plan or a funeral bond.
A fully pre-paid plan covers all your funeral-related expenses and the total amount is based upon your choices for funeral elements. This plan can be paid all at once or divided into payments to be completed over a three year period. You can feel secure about the payment as the funds are held securely and separately with financial organisation Funeral Plan Management. There are no limits on age or physical health condition when it comes to a pre-paid funeral. Choosing this option means your Sydney funeral director choice is confirmed and you are guarded against rising funeral costs. Funeral pre-planning is a solid financial decision and has additional monetary benefits. Not considered as part of your personal assets, and not subject to income and assets tests, a prepaid funeral can have a positive impact on your pension entitlements.
Another option for funding a funeral is the funeral bond. Funeral Plan Management offers a capital guaranteed investment fund, the FuneralPlan Bond. Your funeral bond can be opened with sums as small as $100, and earns interest on additional contributions made over time. At time of death, the amount accrued will be available with a rapid turnaround time. This immediately simplifies the concern of funeral expenses for your loved ones. A funeral bond can be made in conjunction with a funeral plan, but this is not necessary.
Like a pre-paid funeral, these bonds provide other financial advantages, such as not affecting your pension entitlements, and remaining separate from other assets.
Paying for a Loved One’s Funeral
In the event that a loved one passes without any pre-paid funeral finances, there are options for paying for the ceremony and other arrangements. This helpful guide from the State Library of NSW can provide additional information on paying for a funeral.
Whether you need to arrange a funeral or plan in advance for your own, we’re here to help. Family Funeral Services brings care and compassion to our clients during their time of need. Fully family owned and operated, owner Paul holds 40 years of funeral experience. We’d like to be the Sydney funeral directors you can count on. Be in touch.