Do you know your clients’ funeral wishes?
27 November 2017
Should a client’s funeral arrangements be part of the holistic financial advice process? A Skipton Buildings Society survey shows people are under prepared for this inevitable event.
The study, which polled 2,000 adults, found:
• Two thirds of the population would prefer to be cremated
• Four fifths of people dislike the idea of ending up in a plot which receives no visitors and is far from friends and family.
• Just over one fifth of people would like to be cryogenically frozen and stored until medical science could bring them back to life in full health – should finances allow.
• Nine out of 10 people hadn’t thought about a funeral venue, while over half were unsure whether they wanted a religious service
The study found that nearly two fifths of people who dislike the idea of being buried are afraid of the bugs and maggots, while a further 31% were paranoid about being buried alive and 51% simply didn’t like the idea of decomposing over many years.
But while the majority of people have already decided what they would like to happen after their death, 81% haven’t put any formal plans into a will and four in 10 haven’t informed their family or friends.
Commenting on the study, Maitham Mohsin, Skipton Building Society’s senior propositions manager: “Someone very close to you passes away, and at a time when you’re overcome with emotion you find yourself also having to organise a funeral and have absolutely no idea what they would and would not want. That could all be eased by your loved one having made a plan for what they want in the event of their death.
“I’d like to encourage the nation to think about what they want to happen to them when the time comes, and to share their wishes with their family. Far from being a sad or morbid thing to do, many find it’s often quite the opposite. The one certainty in life is that we’re all going to pass away at some time. And we either go out in the way we want, or in the way that someone else thinks we want.”
ATEB Consulting’s Steve Bailey looks at how the FCA’s view of suitability and what that means in practice for...
Paraplanners who have been furloughed and are concerned that their company will not have a job for them should...
The Supreme Court has ruled that a pension transfer made in ill health should not be subject to inheritance...