Funeral costs are on the up...how can a Will keep the costs down?

The death of a loved one is always a traumatic time for everyone concerned, and those closest to them will be keen to ensure that their last act performed for their family member, plan their funeral, is how they would have wanted it.  For some families though, this is getting harder to achieve as less of us are making Wills or making our wishes known, and the cost of planning a funeral and all that entails is rising.

Sunlife’s 2016 Cost of Dying Report has announced figures that the cost of a funeral has risen by 5.5% in the last year.  The funeral, which makes up 44% of the cost of a loved one’s passing, is now an average expense of £3,897.  For us here in the South East, the average price is £4,090, 5% above the national average and 13.5% up from 2015.  The total cost of arranging affairs has increased to £8,802, including probate, flowers and headstones.  If this cost was increasing in line with the cost of living, then the national average would be less at £2,540, but this is not the case.

This increasing cost will inevitably put families under financial strain when they are already struggling emotionally.   Of those surveyed, 10% of people had to sell belongings to cover the cost, 24% put it on a credit card, 18% borrowed from a friend and 10% took out a loan.

Jane Cox, Private Client Partner at Hampshire law firm Warner Goodman LLP, commented, “Worryingly, only 1% of those who had organised a funeral in the last four years said they were fully aware of their deceased’s wishes.  A number of them knew which funeral director to use and over half knew whether their loved one wanted to be cremated or buried, but the finer details about their estate, possessions and other funeral arrangements were not known. 

“Unfortunately this is something that we, as a society, are uncomfortable talking about, but we see every day the consequences that come from not having a Will,” explains Jane.  “It is however, something we all have to do in our lives otherwise our loved one’s will not only have to deal with their grief, but also worry that the plans they are making are not what you would have wished for.”

If you are looking for advice on making a Will, you can call the Private Client team on 01329 222075, email privateclientenquiry@warnergoodman.co.uk or visit their section of the website here.

ENDS

This is for information purposes only and is no substitute for, and should not be interpreted as, legal advice.  All content was correct at the time of publishing and we cannot be held responsible for any changes that may invalidate this article.