It is sensible to begin estate planning as soon as you have assets or people whom you want to protect. You do not need to wait until retirement or until your estate reaches a particular value.
Estate planning becomes especially important when you buy a property, marry, start a family, establish a business, receive an inheritance or enter a later-life relationship. Starting early gives you more options, particularly where lifetime gifts, trusts and inheritance tax planning are concerned.
Putting a plan in place also protects you if illness or an accident affects your ability to make decisions in the future. A will only deals with what happens after death, whereas Lasting Powers of Attorney can allow trusted people to assist with financial or welfare decisions during your lifetime.
The earlier you plan, the easier it is to review and adapt your arrangements as circumstances change.