A funeral can cost thousands of dollars, and is one of the first costs to meet after a person has died.
When you plan for funeral prepayment, your money will be held in Public Trust’s Funeral Trust Cash Fund, ready for when it’s needed, meaning your family won’t need to worry about paying for it themselves or going through the legal requirement of obtaining permission from the Courts to access money in your bank account - which can take several weeks. This fund is under a government guarantee which means your savings will be fully secure.
There’s an added financial benefit to having a Prepaid Funeral Trust: contributions of up to $10,000 are currently exempt from asset testing for the Residential Care Subsidy. This could help when you go for a Residential Care Subsidy and means that your savings for your funeral will not have an impact on the cost of your residential or hospital care.
What will it cost?
There’s one fee to set up your Prepaid Funeral Trust and a further fee at the end – and you’ll get a discount if you have a Public Trust Will and Enduring Powers of Attorney (for both Property and Personal Care & Welfare). There are no ongoing management fees.
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