It is advisable for every adult to have at least a basic estate plan that includes a will, a health care proxy, and a durable power of attorney. However, you definitely will want to consider developing an estate plan once you start a family or acquire significant assets, like a house. Having even a basic estate plan will ensure that people you trust will be empowered to make decisions on your behalf if you are unable to and let your family know your wishes and how you want your property distributed when you are gone.