Most people think of estate planning as something that should be done later in life. But it can be very beneficial to start thinking about the process in your twenties and thirties, even if you have not yet started your family. While it is important for individuals with traditional families to have a comprehensive estate plan, if you are in a relationship but not married some of the default presumptions about where your assets should go may not be a good fit.

Most young people can expect a long window before their will or some other estate planning documents need to be carried out. But some other documents may be needed earlier. If you are ill or incapacitated and unable to make decisions for yourself a durable power of attorney can identify a representative to care for your affairs while you are unable.

A serious injury or illness that leads to incapacitation and the need for someone else to manage your affairs will likely always create complications in various aspects of your life. Indentifying someone to take care of as many of things as possible will help ensure that your rent or mortgage gets paid on time and you don't take a larger financial hit than necessary.

A recent article in the Wall Street Journal notes that fewer single individuals make necessary arrangements for retirement planning. Of course, retirement and estate planning are separate considerations, but given the large disparity noted in the article between married and single individuals it is likely that many single people may not be prepared for the distribution of their assets after they pass on either.

Source: Wall Street Journal, Smart Money "The Single Life: 3 Ways to Retire Well on Your Own" July 18, 2011