Many individuals have little knowledge in pre-planning their own funeral and it is not an easy topic to discuss. This process is an important part of Estate Planning and preparing your Will. We encourage Australians to consider pre-planning their funeral for a number reasons as outlined below.
To ensure your wishes are carried out
A Will is a good place to outline your funeral wishes, however it is important to detail them in a separate document and speak about it with your loved ones. Funeral arrangements can include the following wishes: * Whether you want a funeral or memorial service * Where the service should be held * Whether you want to be cremated or buried * Where you would like your ashes stored or disposed of or where you want to be buried * If you have money set aside to pay for your funeral expenses
To ensure your funeral expenses are covered
Funerals can be extremely expensive. The current average cost of funerals in Australia is $7,449, which increases each year by approximately 5% (1). Personal representatives are generally personally liable with respect to the expenses incurred in fulfilling the duties of office which would need to be evidenced, and this principle also applies to the duties in respect to funeral and other testamentary and administrative expenses, however these expenses are recoverable from the estate.
In regards the actual payment for the funeral and associated expenses, the general principle is that reasonable expenses are payable out of the deceased’s estate, and these expenses are generally ranked as the first charge of the deceased’s estate. It is important to note that funeral expenses not only include the cost of the burial but associated expenses such as preparation of the body, notices in newspapers and conveyance of the body, and acquisition of a plot in the case of burial.
By considering and planning for these expenses, you can rest assured that your family will not have to bear the financial burden of expensive funeral costs.
To reduce the burden of stress on your family
As you can imagine, your family will undergo extreme emotional and financial stress at the time of your passing. By pre-planning your funeral, you will be able to support your family at a time when they are most vulnerable. By eliminating additional pressure from decision-making and planning your funeral, your family can focus on grieving, healing and getting through this tough time of their life.
When it comes to planning for the future and preparing for your funeral, it is important to seek help from a succession lawyer to ensure your wishes are protected.
Don’t wait until it’s too late, contact us today!
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