Contrary to popular belief, it is not only the elderly who need to think about estate planningThe oldest millennials are pushing 40, while the youngest are still college age. Nevertheless, it is important for all adults to make plans for what will happen in the event of their deaths. If you are a parent of minor children, it is especially important to consider not only what will happen to your property when you die but who will care for your kids.  

If you are a millennial, you likely need an estate plan. However, there is no one-size-fits-all estate plan that is suitable for all millennials. Your age and family situation determines what your estate plan should include. Here are a couple of examples of circumstances that may apply to you.  

  1. You are the parentof young children 

If you have young children, the single most important estate planning document you can create is a will. Your estate plan may also include other documents, but a will is the only way that you can name a guardian for your children. If you do not name a guardian in your will, the court will choose one instead. It may not be the choice you would have gone with.  

To help secure your children’s financial future, regardless of what happens to you, thinking about life insurance is also a good idea. A term life insurance policy provides the needed protection at a relatively low cost.  

  1. You are not married but are cohabiting with a domestic partner

You may wish your live-in boyfriend or girlfriend to inherit some or all of your property in the event of your death. However, the law does not presume that your domestic partner should inherit unless the two of you are married. To ensure your significant other inherits what you want him or her to have, you should write out a will that expresses that wish. Otherwise, your property will likely pass to your immediate family, and your significant other may get nothing.