The question of when website and how to start estate planning is often overlooked. But it’s a crucial aspect of your wealth management strategy, and should be tackled early to ensure your wishes are followed and your family is protected in the event of your death.

Whether you’re a young adult or a retiree, it’s important to begin creating a plan. This process can include a will, living trusts, and other documents designed to pass your assets and legacy on to those you love.

You can start estate planning by making a list of your assets, including your home, stocks, bank accounts, life insurance and retirement accounts. You can also consider your current lifestyle, your goals, and what is most important to you.

The Essential Estate Planning Checklist: What You Need to Know to Get Started

If you have a savings account or retirement accounts, it’s also a good idea to designate who should inherit those funds in the event of your death. This could be a loved one, your children, or a cause you are passionate about.

A will is a key part of any estate plan, and it sets out the distribution of your property after your death according to your preferences. It can also name a guardian for your children, if you have them, and it can help minimize your estate taxes, depending on the size of your assets.

Your estate plan can also determine who should make financial and health care decisions on your behalf in the event that you are unable to do so. These people are called fiduciaries and are obligated to act in your best interests.