This is an often worried over, yet not often discussed, topic for many, many families. There are many ways of ensuring that needs of your family are met should such a situation arise. Life insurance as well as short-term and long-term disability can be a key component. These types of insurance plans are often available to employees through workplace benefit plans but can also be found on the private market. The key to either of these investments is get them before you begin to suspect you may soon need them. The premiums that will be commanded for any of these types of plans will only increase as our age increases or our health decreases. Getting them early and while healthy can result in much friendlier price tags.
Other important aspects to consider are more formal estate planning items such as a will and perhaps a trust. These documents not only work to ensure that your wishes are known and carried out but a trust can provide very specific, sometimes complex instructions for management and distribution of assets after you’ve passed or in the event you become incapacitated. These can be very important when passing assets to someone who’s judgement you may not be entirely confident in or, very commonly, when passing assets to young adult without much experience with managing money.