How we handle your funds
Millingtons has a contractual obligation to perform the services specified in the contract. All prepaid contracts and investments are handled under the Prepaid Funeral Act. Prepaid funerals are audited annually to ensure we are complying with all regulation and legislation. The complete security of the plan is not only assured by Prepaid Funeral Act but also the reputation of Millingtons who have been serving Tasmanians for more than 90 years. Millingtons invest prepaid monies with the registered company of Forester’s Friendly Society.
With the Foresters Financial Funeral Bond, your savings are specifically set aside to cover your funeral costs. These funds can only be accessed at the time of your passing, ensuring your loved ones are protected against inheriting unexpected costs. The funds do not count in your assets test for payments from Services Australia. The assets test determines the amount of financial support you receive through funding schemes like the Age Pension, Carer Payments, or Disability Support Pension.
Contributions accepted, either as one-off (initial) or ongoing (instalments). The minimum contribution amounts are:
- Initial contribution $100
- Regular contributions $25 per month
Unlike funeral insurance payments can be paused and restarted at anytime, with out losing your investment.
Tax on the income earned on your investment is paid within the Fund. This ensures you do not need to declare any income earned on your investment.
The amount is accumulated with interest and will be transferred from the bond to the funeral director when the time comes. Any surplus is returned to the family.
Designed to grow and release funds at the time of your passing, the Foresters Financial Funeral Bond ensures the first act of your legacy is to provide at a time of need. Invest in shielding loved ones from unexpected financial burden.
Our funeral directors will walk you through the application. Once finalised we provide all your details in a booklet for you to keep and extra copies to pass on to those who may need it when the time comes.
