you have assigned it to a funeral director.Your funeral bond won’t count as an assessable asset if any of the following occur: it can only do this to pay for funeral costs.it can only do this to your estate or to the funeral director.the fund can only release the money after your death.the interest must be added to the capital.the money must be in an independently managed funeral fund.Funeral bonds have all the following features: These are managed investments that earn interest. We sometimes call funeral bonds funeral investments. You only need to tell us about prepaid funeral expenses if you own a funeral bond. the amount you invest in a funeral bond that has been assigned to a funeral director.the amount you prepay to a funeral director.states that there are no more costs to pay.Īs long as you have a contract that says you’ve paid in full for your funeral, your assessable assets for the assets test won’t include either:.When you pay for your funeral in advance you’ll need to get a contract that both: You can either prepay the funeral director or buy a funeral bond and assign the benefit to the funeral director. This is where you arrange and pay for your funeral in advance. You don’t need to tell us if you own one. We don’t include a burial plot in your assessable assets, no matter what its value is. This is a specific spot or a right to a place at a general location such as an area of a cemetery. Most ways of paying for them don’t count in your assets test. There are lots of good reasons to pay some or all of your funeral costs now.
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