Death is often set aside as too sensitive to talk about, even among family members, mostly if it involves specifics as a funeral. However, what if circumstances point to you as not having much time left? You may need to set things in motion way ahead, and in some instances, prepare through an equity release solution, the ASAG Reverse Mortgage.
Willing the future
One key element in preparing for your passing is to engage an estate planning lawyer, who will work with you to draft your last will and testament, and appoint an executor. The document will detail how the family should look after or deal with your estate after you pass on. This avoids the complications of your estate being turned over to the government, in the absence of any next of kin.
You may take the time to visit a funeral director and map out your plans for the funeral. These may include the exact arrangements for the ceremony, your coffin, and other touches such as a farewell video. You should also decide on whether to be cremated or buried, which will dictate whether you are set in a columbarium or a cemetery plot. In the case of cremations, consider as well if you want to have your ashes sent home to your loved ones or to be spread in a place of your choosing, plus partition some of them into keepsakes such as medallions for loved ones.
Generally, funerals in Australia range from $4000 for a simple cremation to as high as $15000 for a highly intricate burial ceremony. Some funeral finance professionals may suggest putting your budget into prepaid plans which may offer all-inclusive coverage.
Consider programming a funeral plan into your will
ASAG’s reverse mortgage service enables you to have your property’s equity value as the money you need for shouldering funeral expenses. The money can be repaid over time or when the property is sold off; however, you must also direct in the will how the repayments will be done and designate the family member or members to oversee the process.
Consult your family members
Depending on the seriousness of a terminal situation, you must bring together all family members to discuss how things will go forward, including your funeral. That may be the opportunity for you and your executor to read out the will. Their assent will be vital to ensuring the service goes off as how you envisioned it.
ASAG Funeral Loan: Why plan ahead?
Some people, even your loved ones, may vehemently question why you are going ahead to map out your funeral.
For starters, planning your funeral and making the necessary financial arrangements in advance saves your family the hassle of paying for everything themselves. Depending on how you detail your will, you might also avert the danger of families left behind fighting over the estate by assuring them they will be taken care of after you go. Your personal touches on the funeral can even give mourners a chance to happily reflect on your life instead of wallowing in grief.
Some people may state that “when it’s your time, it’s your time.” When you know death is coming, you owe it to yourself and your loved ones to make that farewell as seamless as possible. Inquire your ASAG Reverse Mortgage option with us at 1300 002 724 or email at firstname.lastname@example.org so we can guide you how to utilise the facility as a Funeral Loan.
You can also get started by using our tool below to assess your available equity.