Q. I am trying to get my affairs in order. My husband passed away a number of years ago and I have certain things I want to happen after I pass away – where I want the mass to take place, where my remains are to be buried, etc. I have two concerns. Firstly, I want to make sure my wishes are properly followed. Secondly, I want to make sure that there are sufficient funds to cover all the costs so as not to be a burden. I just want to have everything clear in my mind, and clear for the family, once I pass away. Can you tell me what I should be thinking about?
Dear Reader,
Your will can provide for specific instructions on funeral or grave arrangements. It would be important to note that quite often your next of kin would not think to look for a copy of your will until sometime after your passing. Given the propensity for Irish people to move very quickly from death to funeral, it would be very important that your immediate next of kin to be aware of your specific wishes.
If you feel there is going to be a disagreement about what is to happen, your will should be specific, and the executors you pick should be trusted to carry out your wises precisely.
Your will most likely contains a clause directing your executor to discharge any funeral and related expenses from the proceeds of your estate. Depending on your current financial situation, you may have sufficient funds to cover expenses in your savings or current accounts.
Your bank will generally release funds required to discharge funeral expenses directly to your executor – although this can vary from bank to bank. If you do not have sufficient funds in your accounts, the funds may have to be realised from your estate (for example the sale of an asset). Often, it is logistically easier for your executor to discharge these costs ‘out of pocket’ and recoup them from your estate once everything is finalised.
If your savings are with the Credit Union, you can also make a nomination to any person. This allows the Credit Union to release the maximum amount of €23,000 from your savings to that named person. Any figure over €23,000 would form part of your estate.
It is important to note this nomination is a gift, and the Credit Union cannot attach conditions to it, i.e., it cannot be paid out with the proviso that it be put towards your funeral expenses.
Various financial institutions also offer funeral expenses insurance. Depending on your age and health, you would pay a set sum per month to guarantee a lump sum on your death.
Every person’s circumstances are different, and you should discuss your various options with your financial advisor and solicitor.
