Although you may not want to think about estate planning just after tying the knot, it can be helpful to approach the subject as soon as possible. As a married couple, you'll need to consider your combined assets, whether you want to have children, and how to provide for loved ones if one of you passes away. If you’re unsure where to begin, here’s a closer look at the basics to ensure that the proper estate planning documents are in place. 

How Newlyweds Should Approach Estate Planning

1. Open Up the Conversation

Bringing up the possibility of an untimely passing can be difficult and requires tact. Start by mentioning to your spouse that you love them and want to provide for their future. Discuss the importance of creating an estate plan and ask what they picture when they consider setting up a will. 

If there’s anything in particular, such as providing a way to keep the house, then start a list of items that you both want to include. This will make it easier to create an outline and pinpoint areas of interest.

2. Calculate Your Assets

Gather together essential pieces of paperwork, such as individual bank statements, trusts, retirement funds, and life insurance. You should also collect proof of ownership for any pieces of property, vehicles, and other valuable assets. These documents will prove useful when calculating the amounts and determining the totals you each have to pass on.

3. Adjust Beneficiaries

Beneficiaries are the individuals who will receive the whole or a portion of the inheritance. The specific assets and the amount depend on the details in the will, as well as the names listed on the accounts. For example, if you already have life insurance through work, adding your spouse as a beneficiary will ensure that the payments go directly to them upon your passing. 

If there are kids from a previous relationship, listing them as beneficiaries will ensure an even distribution of assets. You and your spouse can make adjustments depending on how much you both think they should receive. 

Start the estate planning process today by contacting Ferraro Kruk & Ferraro LLP of Brockway, PA. With over 60 years of experience serving Jefferson, Clearfield, and Elk counties, these attorneys are familiar with the intricacies of wills and estates. They'll answer all your questions and tailor these documents to suit your needs. Call (814) 268-2202 to schedule a consultation, or visit their website for more information on their services.