The Star: October 18, 2018

8
People may know that they are entitled
to have funds set aside for a pre-paid
funeral. What many people may not
be aware of are the different options
that exist and the amount that each
person is allowed to set aside for their
funeral which will not be included in
an assessment of their assets under the
present Work and Income rules.
Many people choose to enter
into a pre-paid funeral
arrangement with a
funeral director of their
choice. Generally
speaking, this will
be for a set amount
which is sufficient
to cover the costs of
10/12/2018
a funeral at today’s
rates. Those funds
are then invested in
a funeral trust by the
funeral director. If, after
the funeral, there are funds left
over these may sometimes remain the
property of the funeral director but more
commonly, any surplus will form part
Michael Curl
of your estate. You should seek advice
before signing any such contract.
FUNERAL
trusts
appointment of (usually) two people as
trustees (normally the same people as
you have nominated as the executors
in your Will). Then, the sum of money
you decide to deposit in the name of the
Trust is held for the express purpose of
paying for your funeral. In deciding the
amount it is important to keep in mind
that the funds are locked into the Trust
and will not be available to you in your
lifetime. These funds may be
invested in an investment
of your trustees’ choice.
At the time of your
death, the funds
are used to pay
your funeral costs
and any balance
will form part of
your estate, and is
distributed according
to the terms of your
Will.
Setting aside surplus funds in
a Funeral Trust provides peace of mind
that your loved ones will have one less
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