You will be stimulating family discussion, sharing, and decision-making. This is an individual trust or savings plan earmarked for one's funeral. The consumer controls the account and can withdraw from it at any time. These funds will be available immediately at the time of death without the delay of probate. Accumulated interest covers costs increased by inflation.
Annual interest is subject to income tax.
All states, except Alabama, Vermont and the District of Columbia, regulate the sale of commercial trust agreements. Regulated trust laws generally provide for consumer protection, specifying the portion of your money which must be deposited in a bank or savings and loan. Life insurance or an annuity contract may provide for an ever-increasing death benefit to account for inflation. Morticians usually sell such insurance and expect to be named the beneficiary. They are simply life insurance, and you may choose the beneficiary you want to control the use of the funds.