No matter which way you look at it, death is a sad inevitability. But have you considered how your immediate family would be affected should you pass away unexpectedly? Besides the huge shock, they could be seriously financially affected by your death - especially if you’re the main breadwinner.
One way to ease this financial burden is to make sure that your family has easy access to funds by having your estate executed according to your wishes. By having a proper estate plan in place, you can ensure your family’s financial stability even when you’re no longer around.
Making financial provisions
In many cases, the deceased’s assets including the money in their bank account are frozen and may be inaccessible for quite some time until all their affairs are in order. Through proper estate planning, however, your family will be able to receive these assets as soon as possible, and without any legal complications that may arise.
Planning and budgeting for a funeral
The expense of your funeral alone can significantly add to your family’s burden. With a funeral insurance policy that pays out a cash lump sum upon the death of the insured, you can make sure that your burial doesn’t place additional strain on your family during an already difficult time.
Once the funeral is over, especially if you were the sole breadwinner, your family may still struggle for some time to find their feet while the affairs of the estate are being sorted out. Certain funeral insurance plans offer a range of optional benefits that can help in this regard.
For example, some funeral plans offer a monthly provider benefit that pays out a fixed monthly sum in cash for a certain period after your death. This money can be used to purchase groceries or for other essential monthly expenses.
In many cases, people prefer to make their desired funeral plans as part of their estate planning or will. This can ease the strain of planning your funeral, as all the details will already have been decided upon.
The importance of a will
Your will determines how everything you’ve worked so hard to build up over your life will be distributed to those you choose. Without a proper will, your estate could undergo severe administrative, tax, and legal problems – which could possibly result in financial losses.
In your will, you should always nominate an executor of your estate to ensure that all of this happens according to your wishes. If you don’t make these provisions in a will, your assets will be divided according to the Intestate Succession Act, which can add time and hassle to tying up your estate.
In all cases, it’s worthwhile speaking to an experienced and accredited funeral plan advisor to make sure that your family is well provided for, even after you’re gone.
Hollard Funeral provides affordable funeral insurance with a wide range of optional add-ons. To learn more, read about our funeral plans here, or get a quote for funeral cover online.
