Whether you’re a first-time buyer or making a change in lifestyle, purchasing a home is a major milestone. With that comes new responsibilities. Here are three important steps to take.
Step 1: Update Your Address With Key Agencies
After settling into your new home, one of your first tasks should be updating your mailing address with the necessary agencies. Start by notifying the U.S. Postal Service—this can be done in person or conveniently online—to make sure your mail is forwarded without interruption.
It’s also essential to inform the IRS by submitting Form 8822, as well as your state’s tax authority. This helps prevent any delays in receiving tax documents, refunds, or other important communications tied to your legal and financial responsibilities.
Step 2: Align Your Home Title With Your Estate Plan
Take a moment to review your deed and confirm how the property is titled. It’s important that this aligns with your estate planning strategy to ensure your goals are carried out smoothly.
If your estate plan included instructions related to a former property, be sure to update those details now that you’ve moved.
And if this is your first home and you’ve established a trust to avoid probate, confirm that the title reflects the trust as the owner—not your individual name—to ensure proper protection and administration.
Step 3: Revisit Your Life Insurance and Beneficiaries
If you’ve taken out a mortgage to finance your new home, now is the time to review your life insurance coverage. It’s essential to ensure your policy is sufficient to cover the mortgage balance in the event of your death—especially if you have a spouse or children who may continue living in the home. Even if they don’t remain in the home, the insurance payout can provide financial security during a difficult transition.
This is also a smart moment to revisit your beneficiary designations. Major life events like purchasing a home can quickly make parts of your estate plan outdated. If your designations aren’t aligned with your overall estate planning documents, you risk unintentionally excluding a loved one or distributing assets in a way that doesn’t reflect your wishes.
Lastly, connect with your insurance provider to confirm you’re receiving any available discounts. Many companies offer reduced rates for bundling homeowner’s and auto insurance, and owning a home may qualify you for savings not available to renters. Taking these steps ensures you’re financially protected—and making the most of your coverage.
Make Your Estate Plan Work With Your New Home
Buying a home changes your financial picture—and your estate plan should reflect that. Whether you’re updating a trust, changing beneficiaries, or making sure your deed is properly titled, professional guidance makes a difference.
Let’s ensure your estate plan is aligned to your maj0r milestones. Contact us today to schedule a review.
