Personal Finance 101 (LLI)

Asked by Anonymous

Updated on 18 Apr 2019

Do we really have to save up the "coffin money" ourselves or can we rely on our next-of-kin?

How do the funeral service guys know where I parked my money upon death?

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Lee Chun Kiat
Lee Chun Kiat,
Level 2. Rookie
Answered on 26 Dec 2018

Next-of-kin, sometimes the whole families.

My grandmother just passed away, my father asked to share the cost of coffin money among the family members (including my son, which will be paid by myself).

The total cost could amount to 50k.

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Yixiong Chang
Yixiong Chang,
Level 5. Genius
Updated on 26 Dec 2018

Haha, they dont. It is up to your next-of-kin(or whoever that engages them) to pay them.

If u would like to learn about estate planning, feel free to contact me directly.

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Loh Tat Tian
Loh Tat Tian,
Level 6. Master
Answered on 26 Dec 2018

For this question, it is good to do a will for grant your estate administrator or will executor the Whole Life insurance payout for this purpose. That's what I did when I was at age 22 and bought a small Whole life to prevent any issues.

But you may see how you want to do it.

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