I am sad to say that my Mother In Law to be passed away quite suddenly on Monday Morning. She was a very brave lady and at least no one had to make the decision with regard to her dialysis as she passed away in her sleep.
I have thought about this post a lot this week, and I’m really struggling to put my thoughts together coherently…
My lovely Mother in Law had neither life insurance, insurance on the mortgage nor had any provisions been made for her funeral. As you can expect although the family knew that she was on borrowed time, they did not expect her to go so quickly and had never spoken to her about any of the above and it was a big shock to some that none of the above was in place.
This has caused further stress in an already stressful situation.
All of this has made me ponder…If you are elderly, ill, if you have an elderly parent and your in an IVA how do you plan, budget for such an eventuality. An average cremation is anyting from £3k to £4k, as far as I know theres no provision in the average I & E for potentially expensive insurance policies or prepaid funeral plans. I suppose you could take a payment break but I think you would have to have a very understanding IP, and I would also assume that if the person who died was in the IVA then that debt would be written off , but what would happen if there was equity in a property, or some surplus funds found in a forgotten bank account ???
In my ponderings its also led me to wonder what makes you an overspender, not a saver. Is it the example that your parents set you as you were children, is it that credit used to be so easy to get, is it circumstances in your life have changed and you were unable to change with it….
My family is very much like my partners family,both familys have six children, mom mostly stayed at home looking after the kids, Dad worked. Money was always tight but that was ok because it was for everyone that we knew. We all worked from our early teens, paper rounds , shop work etc, and as adults we have all gone into ‘professional work’ and have done well for ourselves…
But apart from a couple of family members either side I would say that the rest of us are struggling financially. I have a sister who declared bankrupt and I’m in an IVA, the OH and other menmbers of his family have no savings and no idea how to budget, therefore the split cost of the funeral is a massive struggle..
All I can take out of this week is speak to your parents, ensure that they are covered in some way and dont be shy to ask what they actually want for their funeral, at the least get them to write it down in a letter in event of death, get a will sorted, and most importantly ensure that the knowledge, tips, tricks, I have gained on my IVA journey are imparted to my nearest and dearest…….