Trusts Attorney in Chicago, Illinois
When Do I Need a Trust?
When Do I Need a Trust?
Chicago, IL estate planning & probate attorney SJ Chapman talks about when someone needs a trust. She mentions that while it might be tempting to say everyone needs a trust, the answer is more nuanced. For many clients, the key factors in determining whether a trust is necessary include having a blended family—such as stepchildren or entering a marriage with children while planning to have children with a new spouse. Another important consideration is whether they have a loved one or family member with a disability, such as being on the autism spectrum, having Down syndrome, or a physical disability that requires supportive living care.
She notes that trusts are excellent tools for anyone who wants to future-proof their life savings or their home. Estate planning typically occurs in two steps: first, a client works with a financial advisor to begin accruing and building wealth; then, an estate planner helps them future-proof that wealth, ensuring it remains with them and their loved ones.
For clients with younger children—perhaps teenagers or those in their early 20s—who may marry or pursue graduate school in the future, she emphasizes the importance of protecting inheritance. The goal is to prevent a child’s inheritance from being divided due to divorce or used to pay off student loan debt. Through a trust, she ensures that the assets her clients have spent a lifetime building stay with the intended beneficiaries.
