Planning Ahead
For some it seems incongruous that planning ahead may include the planning of a funeral.
Planning Ahead, Why?
For some it seems incongruous that planning ahead may include the planning of a funeral. Most plans we make throughout our life deal with growth and enjoyable, things and the list is endless and variable for each one of us.
As we leave school, it becomes necessary to begin planning for many things, tertiary education, work, buying our first car, housing, marriage, children, work, etc.
In our later years, planning is still necessary; health often plays an important role in this. Retirement and what we are going to do in our retirement, maybe downsizing the family home, downsizing the family car, vacations and so on.
We spend our life building and planning our superannuation for retirement, for many this includes an adjustment to Wills, selection of power of attorneys and executors. For some it will mean moving into retirement style accommodation for others it will lead to aged nursing care.
As people being to get all their affairs in order many will consider pre planning their funeral. It may be as simple as letting family know what their wishes are for others it will involve pre paying and organising their entire funeral.
Discussions can be an uncomfortable time for some families as they begin to face their own mortality and indeed some will not wish to talk about it at all. Robert Nelson, says”it surprising how many families do not know if their parent had a preference for either burial or cremation when they die, it would seem they just never had that discussion”. Still, many elderly organise their funerals to avoid their children having to be burdened with the cost and organisation at the time of their death. This “Peace of Mind” is one of the main driving factors in those Pre Planning their funeral.
So what are the other reasons to plan ahead?
Peace of Mind
Centrelink Benefits
Secure Investments
Tax and Pension Benefits
Fixed Cost
Although there are various ways in which people choose to manage pre-paid funerals, many funeral directors use and recommend funeral bonds. Australian Friendly Societies, Bendigo Bank Funeral Bond, is capital guaranteed, this ensures that any initial investment and subsequent contributions, plus declared bonuses are guaranteed upon death. Along with ownership options that allow individuals or couples to take out single bonds. There are also flexible payment options to allow individuals to pay off their funeral bond by instalments.
Before a customers signs a pre-paid funeral contract, the funeral director discusses in writing where and how your money is invested, this is normally in the form a disclosure document, that lists all terms and cognitions that apply to your investment. It will list any fees payable.
Once you agree to your fixed price funeral, your funeral director must also issue a pre-paid funeral contract that lists the goods and services to be provided and supplied. It also details the total cost.
When your funeral is pre paid, you will receive a Pre Paid Funeral Contract from your funeral director and the investment bond from Australian Friendly Society.
The Investment is held in your name and assigned to the funeral director only on death. This means that if the funeral director is no longer in business your investment is still secure.
So what if you don’t wish to pre-pay your funeral but still wish to organise it in advance? Many people still pre-arrange their funeral plan and talk to their funeral director and leave their funeral wishes on file with their funeral home.
Finally the best advise is to always keep your family or next of kin advised of what plans you have made.
Should you wish to find out more about planning ahead, please do not hesitate to call us upon Ph. (03) 9532 2111
Learn More Foresters Financial or Robert Nelson Funerals.
