'Death costs' rise to above £7,000

Britons have been urged to make improvements to their estate planning, following the release of a new survey.

Sun Life Direct revealed today that the typical ’cost of dying’ faced by individuals in the UK comes to £7,098.

This total includes funeral costs of £2,733.

Moreover, the firm said that the ceremonies were likely to swell in price by 31 per cent over the next five years.

Sun Life Direct also revealed that almost half (46 per cent) of people have made no plans at all for paying for their funerals.

Mark Howes, managing director of the organisation, said: ’As funeral prices are predicted to increase it’s important that people think about putting the right provisions in place.

’Sharing your funeral preferences with loved ones can be particularly emotional and understandably this is a topic most of us would prefer not to talk about. But organising a funeral can be extremely stressful and painful, without having the added worry of not being able to cover the costs.’

Inheritance tax costs also remain a major concern for executors of a deceased person’s estate.

Current UK law sets a tax level of 40 per cent on all assets worth collectively more than £325,000.ADNFCR-2318-ID-19352882-ADNFCR