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?","comment":[{"@type":"Comment","@id":"https://www.hotukdeals.com/comments/permalink/51668715","author":{"@type":"Person","name":"deleted2862047"},"datePublished":"2023-12-05T10:15:06.000Z","text":"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."},{"@type":"Comment","@id":"https://www.hotukdeals.com/comments/permalink/51669401","author":{"@type":"Person","name":"RockyRobin"},"datePublished":"2023-12-05T11:44:25.000Z","text":"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."},{"@type":"Comment","@id":"https://www.hotukdeals.com/comments/permalink/51667686","author":{"@type":"Person","name":"Willy_Wonka"},"datePublished":"2023-12-05T07:49:12.000Z","text":"A joint savings account with a provision that requires 2 or 3 signatures to withdraw would be pretty simple to set up."},{"@type":"Comment","@id":"https://www.hotukdeals.com/comments/permalink/51668357","author":{"@type":"Person","name":"Pandamansays"},"datePublished":"2023-12-05T09:34:28.000Z","text":"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."},{"@type":"Comment","@id":"https://www.hotukdeals.com/comments/permalink/51667690","author":{"@type":"Person","name":"tardytortoise"},"datePublished":"2023-12-05T07:49:49.000Z","text":"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."},{"@type":"Comment","@id":"https://www.hotukdeals.com/comments/permalink/51668446","author":{"@type":"Person","name":"Isaac_McCafferty"},"datePublished":"2023-12-05T09:45:58.000Z","text":"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."},{"@type":"Comment","@id":"https://www.hotukdeals.com/comments/permalink/51669527","author":{"@type":"Person","name":"AC-ZEP-GEN-DC"},"datePublished":"2023-12-05T12:02:38.000Z","text":"Funeral costs will rise, therefore the first person to die pays in the least and the last one pays in the most!"}],"commentCount":17,"interactionStatistic":9,"articleSection":"Ask"}