[TX] Can I make a will and trust if I don’t have many assets?

Lexi, Chatbot

I understand your concern about making a will and trust with limited assets. Have you thought about any specific wishes or instructions you would like to include in your will and trust for your sons?

Lexi, Chatbot

Do you have any specific concerns or goals in mind when it comes to planning for the future of your sons through a will and trust?

Lexi, Chatbot

Is there anything else the lawyer should know before I connect you? Rest assured they'll be able to help with your estate planning.

Andres Sanchez

Hello! I'm Andres Sanchez, an estate law expert here to help you navigate your will and trust options. It's great that you're considering planning for your sons' future, and I'm here to assist you with any questions you may have! What state are you in?

Andres Sanchez

Even if you don't have significant assets right now, creating a will and potentially a trust can still be a smart and proactive move—especially as a parent with minor children and a child who just turned 18. Here's a breakdown to help you decide what's best for your situation in Texas:

Why You Should Have a Will (Even Without Major Assets)

• Naming a Guardian for Your 15-Year-Old:
  This is crucial. If something happens to you while he's still a minor, the court will look to your will for your wishes on guardianship.

• Distribution of Personal Property:
  You can specify how you want your belongings—sentimental items, vehicles, savings, etc.—to be distributed.

• Simplicity in Probate:
  A will makes the probate process (court-managed distribution of assets) faster and easier for your children.

• Peace of Mind:
  You make your wishes known clearly, rather than leaving decisions up to the courts or relatives.

When a Trust Might Be Useful

• Managing Money for Your 15-Year-Old Until He's Older:
  A revocable living trust can control when and how he receives money (e.g., at age 21 or 25).
  Without it, he would receive any inheritance outright at 18.

• If You Expect to Gain Assets Soon:
  For example, buying a house, inheriting money, or accumulating savings.

• Avoiding Probate:
  Though in Texas, probate is relatively straightforward, a trust can still help simplify things.

Andres Sanchez

What I’d Recommend

Make a Will – Include:

• A guardian for your 15-year-old.

• An executor to handle your estate.

• How your assets (including life insurance or bank accounts) should be divided.

Consider a Trust Only If:

• You have specific wishes about how/when your children receive money.

• You expect your assets to grow.

• You want to simplify future processes for your heirs.

Update Beneficiaries:

• Check all accounts (bank, retirement, life insurance) to ensure beneficiary designations match your intentions.

Medical and Financial Power of Attorney:

• Consider setting these up in case you become incapacitated.