Estate Planning Through the Ages Mini-Series: Part One
Estate planning, at its core, is an act of care: a way to look after yourself and the people you love by making decisions and putting protections in place before life’s hardest moments arrive. These conversations can raise some tough questions, but thinking ahead now can spare your loved ones confusion later. What many people don’t realize is that they already have an estate plan, even if they’ve never signed a single document. If you haven’t created one, your state’s laws provide a default. A plan you create yourself simply ensures your wishes are reflected, and it’s never too early or too late to start.
Where you start, though, depends on where you are in life. This two-part series walks through how estate planning evolves across those stages, beginning with Part One, which covers the foundations worth building in your 20s and 30s. Part Two will dig into the growing complexity and legacy questions that arrive in your 40s, 50s, and beyond.
The Cost of Waiting for “Someday”
A 2025 Caring.com survey of more than 2,500 adults ages 18 to 55+ found that only 24% of respondents had completed their planning documents, and procrastination was the leading reason for those who hadn’t. Estate planning is one of those tasks that is easy to continually push to someday, especially because many of the conversations involved can feel uncomfortable or emotionally heavy. Yet, delaying these decisions often leaves loved ones with more stress, uncertainty, and administrative burden during already difficult times.
The second most common reason was the feeling that they did not have enough assets to leave to anyone. Asset distribution is certainly part of the process, but an equally important piece is naming the people you trust to make decisions for you if you can’t.
Regardless of age, asset level, or complexity, we believe every adult would benefit from a written estate plan. Let’s explore how estate planning evolves through each era of life.
Part One: Getting a Head Start – Estate Planning in Your 20s and 30s
Building the Basics
In your early accumulation years, the key goal is to begin defining some fundamental legal documents and building a basic estate plan:
- Will: Outlines how you want your assets distributed at your death and outlines…
- Beneficiaries: Who you want to receive your assets at your passing;
- Executor: Who is responsible for making sure your assets are distributed according to your wishes; and,
- Guardian(s): Who you would like to be named as legal guardian to minor children.
- Note that the assets governed by a will can range from your house to your checking account. A will does not dictate the distribution of retirement accounts or life insurance policies if beneficiaries are listed.
- Financial Power of Attorney: Allows someone you trust to make financial and legal decisions on your behalf if you are unable to do so yourself.
- Advance Healthcare Directive: Outlines your medical care wishes and names who you’d like to make healthcare decisions on your behalf if you aren’t able to communicate your preferences yourself.
While you may feel in your younger years that you don’t need an estate plan, it is best practice that everyone 18 and older at least designate a power of attorney. Once you turn 18, your parents no longer have a legal right to make financial or medical decisions for you. And while these may be hard conversations to have, they are ultimately a gift to your loved ones because you remove the burden of “guessing.”
How Your Assets Pass: Designations and Distributions
In your 20s and 30s, you may be contributing to retirement accounts. You might even have life insurance either through work or a private policy. An important part of the estate planning picture is making sure your beneficiary designations are updated because retirement accounts and life insurance policies with designated beneficiaries pass separately from your will or trust.
Outside of your retirement accounts and accounts that have listed beneficiaries, your will would outline how (and to whom) you’d like additional accounts and assets to be distributed. Unlike a trust, which we will cover in Part Two, your will provides instruction but doesn’t avoid probate, the court-supervised process of closing out your estate after death. This includes distributing assets and paying outstanding debts. Depending on the size of the estate and the state where you live, you might be able to avoid the probate process (which can be time consuming and expensive) if your assets are below a certain threshold.
Keeping It Current
Once you have a plan in place, it’s important to do routine checks to make sure your past decisions align with your current desires. You’ll want to revisit and review your estate plan (and beneficiary designations) every five or so years, or whenever a major life change happens (such as marriage, having children, or moving to a new state).
And, as we venture ever onward into the digital age, you might want to explore more modern planning options like establishing your digital estate plan. This may include using a password manager to securely organize account credentials and selecting an emergency contact or successor who can access your accounts if needed. For example, if you are incapacitated for any reason, a trusted person can step in and pay bills on your behalf.
Above all else, beginning to build your estate plan during your accumulation period is about putting protections in place and identifying the right people to facilitate your wishes. As life becomes more complex, your plan will evolve with you. In the next part of this series, we’ll explore the estate planning considerations that come with your 40s, 50s, and 60s and into retirement.