Life before death?

Equity release only gives loans you about half the current value of your house, then charges you compound interest on the loan, which you can't pay if you have given away to your family the money you were loaned. If you die before seven years are up, your family will be heavily taxed on any gift you gave them above a very small amount.

They are not in it for philanthropic reasons. It is a business investment for them, one that they can't lose on.

The equity release my mother took out meant nothing was left!

DO NOT TAKE EQUITY RELEASE

I speak from first hand experience-my father did such a thing and the interest accrued by the time he died was so huge there wasn't much left of his estate in the end.

I believe equity release will be the biggest mis-selling scandal to come.

If anyone is concerned about future funeral costs I suggest setting up a deposit account in lieu of such expense

It's obviously a very individual thing. I've handed cash over to eldest son to cover immediate funeral costs without waiting for 'estate' (huh!) to be settled this not leaving either of them out of pocket. This also eliminates insurance companies. I had the horrible and heart wrenching job of clearing out my Mum's house which has made me resolute
that I will not do this to my sons. I've made a fair start. I currently feel fit as a fiddle which I think makes this task much easier. I also have experience of unexpected fatal heart attacks which also helps to spur me on. That said, I've promised one son that I'll give 20 years my best shot!

I hate the thought of ‘pure cremation’ - it seems such a lonely thing to be whisked away and cremated, and I’m not sure it brings proper closure to those who grieve. I think it makes sense to take out a funeral plan - DH and I have both done it with Co-op funeralcare. As for equity release - not likely !! I don’t relish the thought of taking out what’s basically a secured loan and then watching compound interest build year on year. A friend did this a few years ago and realised, too late, that i of she lives until she’s ninety the equity will have been exhausted and she’ll have to pay the loan provider rent !!

This crosses my mind occasionally, but I store it in the 'too hard to think about' part of my brain. Rather like the loft in our house, full of clutter which may come in useful one day. Does anyone else remember the poster a few years back when we were discussing a similar subject; she had cleared her house out very dramatically.....one set of crockery, one set of towels, one week's food in the larder?

Maybe it's day time tv and the expected demographic of the audience to some channels Grandmabatty or maybe it's our advancing years, but there are so many adverts about these things that I find it rather depressing.

And I absolutely make the most of the time I have left, whatever that may be. The two are not mutually exclusive.

I think you do whatever feels right for you and what you can afford. I have a funeral plan organised so my children don't have the added stress of having to second guess what my wishes might be. It also means that my funeral will be paid for before I die. Although dad had terminal cancer, he died fairly suddenly and neither he nor mum had discussed his wishes. This caused her some additional upset which has continued to this day. I have cleared out most of the stuff in my house already because I like a minimal look anyway. Neither of my children need my house as an inheritance although it would be nice to leave it for them. But they're not relying on it. I'm not planning on shuffling off this mortal coil just yet, but I'm happy that I've done what I can to mitigate an upsetting time.