When Should You Create an Estate Plan?
I recently met with a couple in their early 30s who had just bought their first apartment in Brooklyn. They came to me not because they felt old, but because they felt responsible. With a mortgage and their first child on the way, the question was no longer abstract: “What happens if we’re not here?” For them, an estate plan wasn’t about preparing for the end of life; it was about providing a stable beginning for their new family, no matter what.
This is the most common misconception I see in my practice. People associate estate planning with retirement. The need for a plan is not dictated by your date of birth, but by the milestones you reach. This is an act of stewardship over what you have built and, more importantly, for the people you love.
Life’s Milestones Are Your Cue to Act
A well-designed estate plan is a collection of documents that evolves as your life changes. Certain events should act as immediate triggers to either create your first plan or revise an existing one. Ignoring them means leaving critical decisions to a judge in Surrogate’s Court who doesn’t know you or your family.
Key moments that demand attention include:
- Marriage or a committed partnership. When you join your life with another, you also join your financial worlds. A plan allows you to decide how assets are shared and managed. Without one, New York’s intestacy laws make those decisions for you. Under EPTL § 4-1.1, an unmarried partner has no inheritance rights.
- The birth or adoption of a child. This is the most critical trigger. Your will is the only place where you can nominate a guardian for your minor children. If you fail to do this, a court will appoint someone without your input—a situation no parent wants for their child.
- Acquiring a significant asset. This could be a home, a business, or a substantial inheritance. An estate plan, often incorporating a trust, becomes essential for managing that asset, protecting it, and ensuring a smooth transition to the next generation.
- Divorce or remarriage. An old will that names a former spouse can create a legal nightmare for your family. After a divorce, you must update your will, beneficiary designations, and any trusts to reflect your new reality and direct your assets to your intended heirs.
The Documents Every Adult Needs
Many people think a will is the entirety of an estate plan. While it’s a cornerstone, it primarily deals with the distribution of assets after death. What about decisions that must be made during your lifetime if you become incapacitated?
This is where two other documents are essential for every adult: a Health Care Proxy and a Durable Power of Attorney. These instruments allow you to appoint a person you trust—your agent—to make medical and financial decisions on your behalf if you cannot.
Without them, your family would be forced to petition a court for guardianship. In New York, this is a public, costly, and often emotionally draining process governed by Article 81 of the Mental Hygiene Law. A judge is empowered to appoint a guardian for you, who may be a stranger. By deliberately executing a Health Care Proxy and Power of Attorney, you keep that control in the hands of the people you choose. It’s a profound act of foresight.
Your Plan Is a Legacy of Intentionality
An estate plan does more than distribute property. It communicates your values. It provides a roadmap for your loved ones during a difficult time, minimizing conflict and confusion. It ensures the people you choose are empowered to act on your behalf, and the people you want to protect are provided for.
Stewardship. That is the goal. It’s about being intentional with your legacy, whether you are 28 or 88. The “right time” to plan is the moment you have something or someone to protect.
If you’ve recently experienced one of these life events, your next step shouldn’t be to worry, but to prepare. Start by creating a simple list of your major assets and, separately, the key people in your life you wish to be your fiduciaries or beneficiaries. With that document in hand, you will be ready for a productive conversation about structuring your plan.
