Posted 5 December 2023

Opening a bank account for funeral expenses

Does anyone know how I can go about opening a bank account for funeral expenses?

I'd like to open an account with 3 of my family members to help cover funeral costs.

I'll be providing the initial amount and then they'll be putting the rest in on a monthly or annual basis. But this won't be personal savings obviously it'll be used for costs of a funeral for named on account

Do I need a trust?
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  1. deleted2862047's avatar
    This is a terrible idea. If a named account holder dies the potential for months if not years of financial infighting would be immense.

    Example. Persons A B C D all sign up and deposit money. Person A dies. Person A is married with no Will so their monies now belong to A-Wife. A-Wife hates you and now wants the share to go to her and not funeral costs as she is hard up. She will insist account goes into probate and is frozen and then the fighting begins for what you believe to be the wishes of the deceased against her wishes. Much paperwork and lawyers involved.

    A simplistic view but no one knows what the future holds.

    You are all just better off taking out a funeral plan and paying your own way for a guaranteed cost cover.
  2. RockyRobin's avatar
    dignityfunerals.co.uk/fun…ts/

    A family member paid into a funeral plan and it went very smoothly when they passed away, from claiming to the actual funeral. (edited)
    mutley1's avatar
    yeah, just take out a funeral plan
  3. Willy_Wonka's avatar
    A joint savings account with a provision that requires 2 or 3 signatures to withdraw would be pretty simple to set up. (edited)
    Nikita_Percival's avatar
    As above but don't forget you can also get a one-off payment from the government to help and then 18m of some cash

    As above but also check this site. You can apply for a one off grant of £2500 plus 18m of monthly payments. We've just done it ourselves. If children involved you can get more

    gov.uk/ber…ent
  4. Pandamansays's avatar
    I can't see the benefit myself.
    Why doesn't each person open an account themselves and save the required amount. That way there can be no squabbles and the time following a passing is ripe for squabbles.
  5. tardytortoise's avatar
    check these out

    gov.uk/fun…nts

    citizensadvice.org.uk/fam…al/
    citizensadvice.org.uk/fam…al/
    and if you do not fully understand talk to Citizens Advice

    I have always assumed that the cost of a funeral was met from the deceased's estate. It gets difficult if the estate has not got enough to bear the cost of a funeral. Avoid family/friend disputes as much as possible and avoid all unnecessary legal fees. (edited)
  6. Isaac_McCafferty's avatar
    so it's 4 family members including yourself setting up a joint account for all of your funeral costs?

    the issue will come when someone in this party dies their assets will be frozen until probate which is long after the funeral.
  7. AC-ZEP-GEN-DC's avatar
    Funeral costs will rise, therefore the first person to die pays in the least and the last one pays in the most!
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