17% of people fall into debt because of a loved one dying.
You might start to think about saving for your own funeral after hearing that 41 per cent of people in the UK do not make any provisions whatsoever to pay for their own funeral, which has resulted in 17 per cent of friends and family falling into financial hardship.
SunLife Direct’s Cost of Dying report has found that people have to either borrow money from friends or relatives to pay for the funeral of their loved one, go to a bank or loan provider, or even use a credit card to pay for the funeral.
Director with the organisation Graham Jones observed that some people have even had to sell their belongings in order to meet the costs, while 17 per cent had to set up a payment plan with the funeral director.
“What these findings highlight more than ever is that funerals are costly and anything we can do now to prepare will help our relatives when the time does come. Because not only are we not preparing financially, we are not preparing emotionally either – our report found that only one per cent of those organising a funeral knew all of their loved ones wishes,” he added.
If you find yourself having to manage someone’s estate after they’ve died and aren't sure how the funeral arrangements can be paid for, Stockport probate specialists QualitySolicitors Belshaws are here to help and can advise you.
We are also experienced will writers and can help you plan for the future and advise on how best to provide for your funeral arrangements in your will. Ask to speak to our partner Andrea Belshaw.