Some of your loved ones may have emotional or physical handicaps. If they are younger than you are, and likely to survive you, how can you protect them after you’re no longer around?
You may need to carry ample life insurance. After your death, a disabled survivor might need extra amounts of financial support.
However, you also need to name a beneficiary to receive the insurance proceeds. In some cases, the person with the disability won’t be capable of handling such a large amount of money.
Often, the best way to provide for continuing care is to set up a trust. A trust can remain in existence after your death. If a trust is created for the benefit of a disabled child, for example, money in that trust can be used to provide support far into the future.
