Arranging your assets is often viewed as a task reserved for retirement. But here’s the truth: estate planning is just as important while you’re living.

The best time to prepare an estate plan is now, and the next best time is when you reach a major life milestone. Think of it not as a final act but as an essential part of adulthood—like getting a passport or building your credit. Take a look at why estate planning early is so crucial.

What you need immediately

Every adult over eighteen needs two key documents that address what happens if they become temporarily incapacitated.

1. The financial power of attorney (POA)
   If you’re in an accident and can’t access your bank account or pay your bills, who steps in? A financial power of attorney names a trusted person (your “agent”) to manage finances—paying bills, handling taxes, and overseeing accounts—if you can’t. Without one, your loved ones might have to pursue legal action to handle even simple payments.
2. The health-care directive (living will)
   This document allows you to state your wishes regarding medical treatments like life support and names a health-care power of attorney to make medical decisions on your behalf if you’re unable to communicate. This document helps prevent family conflict and ensures that your wishes are respected during a health crisis.

Important milestones

While you should start with the documents above, there are specific moments in life when ignoring estate planning becomes genuinely risky. These occasions signal that it’s time to review or update your plan.

Getting married
A wedding ring changes everything. After all, your spouse will typically gain legal rights to your assets. If you want to protect your new partner—or preserve assets for children from a previous relationship—it’s important to have a plan in place. For unmarried domestic partners, a plan is even more vital, as the law doesn’t automatically grant them any rights.

Having children
This is arguably the most urgent trigger. If you have minor children, your will is where you can legally name a guardian—the person who would care for them if you and the other parent passed away. Without this, a court will make the decision, and it may not be who you would have chosen.

Buying a house
Your home is likely your biggest asset, and how it’s titled (owned) has massive implications for your estate. Planning ahead may help simplify future taxes and reduce the need for a lengthy court process called probate.

Starting a business
As a business owner, your estate plan should include a succession plan. What would happen to your company—your livelihood and a major asset—if you were suddenly unable to manage it? Don’t leave your partners or family scrambling.

Don’t wait for perfect

Many people delay estate planning while waiting for the perfect moment or solution. But now is the best time to take the first steps: A simple will and those two powers of attorney are excellent starting points for organizing your affairs. You can always refine, update, and expand your plan as your wealth grows and your family changes. To give yourself and your loved ones greater peace of mind, consider speaking with a qualified financial or estate planning professional to begin making arrangements.