Recent research carried out by Sun Life Direct has discovered that around one in ten people have difficulty meeting the costs associated with the funeral of a loved one, with many seeking external funding to help.
With around half of those deceased failing to leave financial provision for their funeral or even indicating their explicit wishes regarding their funeral and Estate in the form of a Will, it falls on the shoulders of those left behind to not only make arrangements but meet the costs involved.
Funeral and probate costs currently stand at around 7000, with cremations currently priced in the region of 2500 and burials at 3000.
The research showed that around one in five respondents were forced to meet the costs using their credit card, whilst others borrowed money from friends, took out a bank loan, withdrew their savings or sold items.
It seems illogical therefore, that many of us choose to ignore the impending event of our certain death.
In our subconscious, we know that our time will come, and that somehow, the funds must be found to pay for our funeral, yet perhaps selfishly, we prefer not to focus on the planning of this event.
This means that we run the risk of causing undue stress, financial strain and considerable inconvenience to those we leave behind.
I often fail to understand why we work all our lives and endeavour to save as much as we can throughout our lifetime, only for us to fail to detail our wishes and outline who should benefit from our savings, in a Will.
Instead, many of us work hard and save religiously, only for our well-earned cash to be perhaps distributed to those who we felt in life didn't deserve it - or spent on funeral costs and taxes.
If you would like to put aside some money for your funeral, it is best to consult with an experienced probate professional, who can not only establish a relevant savings scheme but ensure that details of that scheme are officially documented.