Estate Planning Basics That Everyone Should Know
Why Wills and Trusts Matter — Even If You're Still Young and Thriving
Nobody likes to think about what happens when they die. But as they say, death is one of life’s only certainties. If contemplating your own mortality wasn’t exactly what you expected when you clicked a blog post from your favorite wealth management team — don’t worry. Let’s pivot to something more uplifting.
Imagine your loved ones are taken care of for generations. Their biggest dilemmas involve which new restaurant to try or where to vacation next. The home you invested in remains safe and sound, shielding your family from Austin’s weather swings. That’s the kind of peace of mind we love to create at NEST Financial — and it starts with a solid financial plan, including estate planning.
At minimum, we recommend all our clients establish a will and/or a living trust. Here’s why.
Why Estate Planning Matters — Now, Not Later
You’re young, healthy, and thriving — so why bother with a will?
Because in the event of death or incapacitating injury, having your financial affairs in order protects your assets and offers your loved ones clarity and peace of mind. Whether your net worth is high or modest, estate documents can:
Save time and stress
Lessen the impact of estate and gift taxes
Prevent the government from stepping in with a one-size-fits-all plan
Let’s be clear: we are not attorneys, and we don’t draft wills or trusts. But as experienced wealth managers, we know how critical these documents are — and we always advise consulting an estate attorney when setting them up.
That said, here’s a quick breakdown of the differences between wills and trusts, and what each one does.
What’s a Will?
A will is a legal document that expresses a person’s wishes after they’ve passed away. It becomes active only upon death and must go through probate, a legal process in which the will is reviewed by a court.
In addition to naming your heirs and beneficiaries, a will allows you to:
Appoint an executor to manage your estate
Name guardians for minor children
Designate a durable power of attorney or healthcare proxy
Include advance directives for incapacity
Wills cover both financial and legal matters. But they are also public record and can be contested in court, which is why some people choose to supplement them with a trust.
What’s a Trust?
A living trust is a legal entity that holds and manages your assets for your chosen beneficiaries. Unlike a will, a trust becomes active immediately, not just after death — and it doesn’t go through probate.
You can revise a revocable trust anytime, retain full control of your assets while you’re alive, and distribute them privately — either before or after death.
Key points:
Trusts focus strictly on financial assets
They don’t name guardians or cover medical/legal directives
They’re private, not public record
They’re generally more expensive to create, but offer more control and fewer legal hurdles
If you’re trying to decide which option is right for you, we recommend reviewing this side-by-side comparison of wills vs. trusts from Investopedia, then speaking with an estate attorney.
Covering the Basics: A Few More Planning Tips
In addition to establishing a will or trust, consider these estate planning basics:
Own property jointly, so titles pass easily
Invest in life and disability income insurance
Keep all legal and financial documents organized and updated
There’s a lot that goes into building lasting financial security — but that’s where we come in.
Let’s Get Your Plan in Place
At NEST, we love helping our clients look to the future with confidence — knowing their family, their business, and their dreams are protected.
📩 Email us at info@nestfinancial.net
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Let’s manifest your goals — for today, tomorrow, and the generations that follow.
DISCLAIMER: The information in this article is for educational purposes only and is not financial or legal advice. Please consult an estate attorney for personalized estate planning guidance. For financial planning services, contact info@nestfinancial.net.