Funerals can be paid for in advance. The advantage to this is relatives do not have to worry about the costs and whether there will be enough money available. Also, pre-paid funerals up to $10,000 are excluded from asset testing when considering Government subsidies for long-term residential care of the elderly.
We offer The Funeral Trust Prepaid Funeral Plan where the money is paid into the trust account in the participant's sole name and interest also accrues in the participant's sole name. Any difference between the cost of the funeral and the sum invested, plus interest, is refunded to the Estate. The one-off set up fee and annual administration fees are only charged when the account is closed.
The funds are not held by our company, nor in the control of The Wilson Funeral Home Newtown or Karori, or related parties. Statements are sent out annually to participants and full accounting records are kept by the Company and by Westpac in relation to the sum received and the participants; audits and disclosure to the Funeral Directors Association of NZ can be requested by them at any time.
For more information www.thefuneraltrust.co.nz