A Prepaid Funeral Fund allows you to set aside some, or all, of the required funds for a funeral in advance. Paying ahead means your loved ones will not be left to cover the cost of your funeral, and if combined with pre-arrangement of your funeral, your wishes will be clear, easing their burden at a difficult time. Funds cannot be withdrawn in your lifetime, giving you the peace of mind they will be available when the time comes.
No other funeral fund in New Zealand offers the benefits that come with the Legacy Prepaid Funeral Fund. Legacy’s prepaid funeral fund is owned and operated by a charitable trust. Any interest earned on funds is paid directly to the Legacy Trust for distribution to local charities and organisations. This means your fund is already working for the good of local communities from day one, helping to create a better place for you and your loved ones to enjoy.
There is no maximum amount, but you will need to place a minimum of $5,000 into your Legacy prepaid funeral fund to set it up. Please note that under current government policy, it is only the first $10,000 deposited that is excluded from any asset testing when assessing your eligibility for the Residential Care Subsidy. Your Funeral Fund will only ever include the amount you have paid into it, with all interest being returned to the community via Legacy Trust.
Funeral arrangements may include;
There is no maximum amount, but you will need to place a minimum of $5,000 into your Legacy prepaid funeral fund to set it up. Please note that under current government policy, it is only the first $10,000 deposited that is excluded from any asset testing when assessing your eligibility for the Residential Care Subsidy. Your Funeral Fund will only ever include the amount you have paid into it, with all interest being returned to the community via Legacy Trust.
If any further payment is required to meet the cost of your funeral, your funeral director will make arrangements with your family or estate for payment.
When you die, your family will arrange your funeral as per your requirements (if known). Your funeral director will arrange for the costs of the funeral to be paid from your fund.
Generally you are encouraged to make a one-off payment as this assists us with keeping our administration time to a minimum. You may establish a Fund with as little as $5,000 and, with the Trustees’ consent, add to this in the future with minimum top-up payments of $1,000 at a time.
The funds are held in a registered bank by Legacy Prepaid Funerals Limited as a trustee. This company is a charitable company and is a wholly owned subsidiary of Legacy Trust. It operates under a Trust Deed that sets out the rules and conditions of the Plan. A full copy of the Trust Deed is available on our website. Lellman Wearne (Chartered Accountants) look after the administration of the funds and the relevant paperwork.
No, you will not be charged any management fees at all – which means that all money introduced by you will be available to cover your funeral.
From time to time, the funeral fund will require funds to cover administration expenses and these will be drawn from the interest account before the money is returned to Legacy Trust. It is the Trustee’s objective to keep administrative fees to an absolute minimum.
No. However you may deposit more funds into the Funeral Trust with the trustees’ consent (deposits must be $1000 or more).
The funds are held in a registered bank by Legacy Prepaid Funerals Limited as a trustee. This company is a charitable company and is a wholly owned subsidiary of Legacy Trust. It operates under a Trust Deed that sets out the rules and conditions of the Plan. A full copy of the Trust Deed is available on our website. Lellman Wearne (Chartered Accountants) look after the administration of the funds and the relevant paperwork.
Not generally, due to the legalities around deducting the payment from your total assets for the purposes of asset testing. However there are some special circumstances that enable you to withdraw the money; such as the Trustee recognising you have suffered significant financial hardship. You may also be able to withdraw the funds if you have permanently emigrated.
The Trust is a stand-alone entity, which means your Fund would not be affected. Your relatives would simply nominate a Funeral Director of their choice to receive funds when they are required for your funeral.
Very likely. Contact us and we will make the necessary enquiries and arrangements.
Your planning should include the completion of a Will. If you do not have a Will we recommend you get some advice or assistance to have a Will put in place.
Your funeral expenses will be paid promptly with any remaining balance in your Fund being paid over to the executor of your Will for the benefit of your estate.
Talk to your Legacy Funeral Director by calling us on 543 4780. The Funeral Director can also assist with pre-arranging your funeral should you want to make such arrangements at this time. By doing so, your family will be clear about your wishes, and you will have a better understanding of the amount you will need to set aside for the funeral service you require.
You will receive a letter confirming receipt of your Application Form, along with a confirmation statement detailing your pre-paid amount. This will contain all the information you will need, plus a second copy of the details for your relative or executor, along with simple instructions on how to claim when the time comes.
