Tuesday, December 31, 2019

"Japanese bank launches postmortem service for singles"

From The Mainichi:
Sumitomo Mitsui Trust Bank Ltd. has launched a postmortem service to singles amid the rise in the elderly population and those who live alone for life.

The new product, called "trust for solo customers," includes providing clerical work necessary for holding funeral and burial services, cleaning up household items and personal effects, notifying friends and others of the customers' passing, deleting data stored in personal computers and smartphones, looking for new owners of their pets and canceling utility services, etc.

The move comes as more people are taking an interest in activities to prepare for their deaths, commonly known as "shukatsu" in Japanese.

When a customer signs up with the new service, they place at least 3 million yen in a trust estate. The bank charges customers 33,000 yen at the time of the contract, 110,000 yen when the customer dies, as well as 6,600 yen multiplied by the number of contract years as trust fees.

For example, if a person signs up for the service at age 70 and dies at 100, it would cost the customer 341,000 yen. After deducting the fee from the entrusted asset, the remaining sum will be used for funeral services and other purposes. The balance after these necessary costs will then be distributed to people designated by the customer in advance....MORE
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