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I could say that everyone needs a trust
but that would be a really generic
answer so for most folks the most
important things to look at to determine
whether you need a trust are do you have
a blended family so do you have
stepchildren or are you coming into the
into a marriage with children and you’re
going to have children with with your
new spouse another factor that people
take into account about whether they
need estate planning or not is whether
they have a loved one or a family member
with with a disability such as being on
the autism spectrum or having Down
syndrome or having a physical disability
that means that they need supportive
living care for themselves really trusts
are fantastic vehicles for anyone who
wants to Future proof their life savings
or their home there’s two steps to
estate planning first someone typically
the life cycle is someone gets a
financial advisor and that financial
advisor will help them to start the
process of accruing and Building Wealth
then we as estate planners can help that
person to Future proof that well future
proof that wealth to keep it with them
and with their loved ones sometimes we
have clients who come in who have
younger children maybe they’re in their
teens or maybe they’re in their early
20s and these are children who are
likely to get married in the future
maybe they want to go to grad school in
the future so our clients want to make
sure that the inheritance that they’re
leaving their children doesn’t get split
up between divorcing spouses so half of
the child’s inheritance in other words
wouldn’t go to their divorcing spouse or
all of their inheritance wouldn’t go to
student loan debt so in that way we
really help our clients to make sure
that through a trust the money that
they’ve spent a life building stays with
them and the people that they wanted to
go to
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Chicago, IL estate planning & probate attorney SJ Chapman talks about when someone needs a trust. She explains that a generic answer would be to say that everyone needs a trust, but that’s not necessarily true. For most people, the key factors to consider when deciding whether to create a trust are if they have a blended family with stepchildren or if they have a loved one with a disability who needs supportive care. Trusts are a great way to future-proof assets, such as life savings and homes, for individuals and their loved ones. As estate planners, we help clients protect their assets and ensure that their children’s inheritance is not jeopardized by divorce or student loan debt. For instance, if clients have younger children who may get married or go to grad school, we can set up trusts to ensure that their inheritance stays with them and the intended beneficiaries.