December 17th 2019
TOKYO – Japan’s Sumitomo Mitsui Trust Bank on Tuesday started selling an end-of-life trust product to handle funerals and other things that must be done after customers die.
The product is targeted at people living alone who are interested in “shukatsu” end-of-life planning. Customers need to deposit at least 3 million yen, from which funeral and other expenses will be paid.
The bank will manage the deposits, while an incorporated association set up by the bank’s group will arrange funerals and burial for the customers, sort out and dispose of their belongings, and notify their deaths to designated people.
Those who buy the product make an initial payment of 33,000 yen. After their deaths, the bank will deduct trust fees and funeral and other costs from their deposits and pay the remainder to people or organizations designated by customers beforehand.
The product is available at three outlets in Tokyo. The bank aims to have all its outlets handle the product by around October next year.