Estate planning isn't just something to worry about later in life. No matter your age, or where you are on your financial journey, it's critical to ensure your legacy follows your wishes and best takes care of those you leave behind.

For Gen X, Millennials, and Gen Z, it's never too early to start, and the scenarios below illustrate how comprehensive estate planning can be tailored and changed as your circumstances evolve.

Meet Britney, she has two kids in college, married for more than 30 years and is about a decade away from retirement. She's a little anxious as she hasn't done any estate planning yet, but knows it needs to be a major priority.

"Gen X is the standard demographic that you see coming for estate planning," said Dan Loftus, Wealth Strategist at TD Wealth.

Dan adds that the importance of the estate planning process is helping our loved one's plan for what's going to happen after we're gone.

"When you're in your 50's or 60's, you probably have some people who are dependent upon you in some way and when someone passes away or becomes incapacitated, it's a very emotional time for the family," Dan added. "Setting up the documents and writing out the instructions for them can help provide a roadmap and make things easier."

Dan, who is a former estate planning attorney, said it's important to think of a few things, including who will be the executor of the will - the person who's going to read the documents, go to court, sign everything that's necessary and execute the will.

"But for Gen X, a successor executor is just as important," Dan said. "A lot of times we see spouses nominate each other but then never return back to the estate planner to update their documents after the first spouse dies. Then our documents haven't been updated to reflect who's going take over now."

Dan used to tell his clients to think about estate planning like a doctor's appointment. You come in every couple of years and want to make sure everything is up to date.

"Another thing to consider is who will be your healthcare proxy," Dan said. "The healthcare proxy and the durable power of attorney are who's going to step in for us if something happens to make us incapacitated. And those are different decisions than the executor. So, it's good to have a different person in mind for these decisions."

Finally, when it comes to the will itself, there are two items to consider - are you trying to take care of beneficiaries or are you considering leaving a legacy and thinking about charities?

"At this point in life, we're thinking about who we want to help and how we can help them," Dan said. "Every state in the United States has a different level of estate taxes if they have them. So, through estate planning you can work to make sure that the largest amount of your assets are going to pass to your beneficiaries."

Meet Dan, an accomplished lawyer and bank advisor, who has a 2-year-old son and is starting to think about making sure he’s taken care of, even though he's not thinking about retirement just yet.

"I'm millennial. I'm a great example," Dan said. "I have a 2-year-old and of course, we made sure to put a plan in place right after he was born."

Dan says for this age group, you’re probably thinking less about legacy and more about young children or spouses.

"We're still talking about all the same documents, a will or potentially a trust depending on your state, durable power of attorney and a healthcare proxy. But for both parents, we're also thinking about guardianship in case something happens to both parents," he added.

In addition to planning on who will take care of the child, the other questions to consider include do you want the estate to keep your home so that the child will grow up in the family home, etc.

You also might want someone different to be the financial guardian, like a lawyer or financial advisor, for the child as opposed to the personal guardian, the person who will physically raise the child.

"Someone who manages the assets, who helps them be invested, helps them over the course of time," he said. "You and this financial guardian will also decide on how to pass those assets to your child so that they last in a manner that can be as effective as possible for as long as possible without you."

For millennials, they aren't locked into any plan, as they can also adjust and change their will every few years as needed. Considerations will be different over time.

"You might have another child, your assets might grow, you might move," Dan said. "But waiting to do your estate planning is the danger. If you never do anything and something happens, the state might decide the plan for you."

Meet Megan, she’s fresh out of graduate school, just starting her career off, has invested in crypto, has a beloved dog and is looking to buy her first apartment.

It may sound premature for Megan to start her estate planning, but that's certainly not the case.

"If you do nothing and something happens, the state is going to decide how all of your money gets divvied up and you don't want that, even at this age," Dan said. "Maybe you have a friend, parents that helped you, or even a pet that you want to provide for in case of tragedy."

Dan adds that not taking the time to plan can only lead to outcomes that you don't want, even in your 20's.

"And secondly, as we keep saying, you have the ability to come back and change things every few years," he added. "Maybe you're not considering a trust right away. Maybe you're just trying to get a simple will. Something that dictates your plan."

Dan said Gen Z will grow into their estate plan as they get older, as their assets grow and as their families grow.

"This demographic also has newer investments like crypto and trading apps like Robinhood, so with this category, people also need to know passwords and how to access those newer investments in case something happens, so the money does not get lost," Dan added.

it's actually probably not a bad idea for young adults to kind of have a list of the assets that they own with a secure place to put their passwords and more.

"No matter the age group or your financial situation, it's always recommended to get a start now and then adjust your plan as needed," Dan closed.