3 Essential Estate Planning Tips for New Homeowners

Congratulations on becoming a new homeowner! Whether it’s your first time or you’re moving into a new space, this is a significant milestone. At Zeus Estate Planning, we recognize the importance of securing your future as you take on this new chapter. As you settle into your new home, it’s crucial to keep your estate planning in sync with this major life event. Here are three key steps every new homeowner should consider to ensure their home and assets are properly protected.

1. Update Your Address

Once you’ve moved in, updating your address with the proper organizations is essential. Start with the United States Postal Service (USPS)—you can update your address either in person or online, which helps ensure all your mail is forwarded to your new home. Don’t forget to notify the IRS by submitting Form 8822, and update your information with your state tax agency to avoid missing any important notices.

At Zeus Estate Planning, we encourage you to take the extra step of reviewing your financial accounts and other critical documents to ensure they reflect your new address as well.

2. Align Your Home’s Title with Your Estate Plan

One of the most important steps you can take after buying a home is ensuring your house title is consistent with your estate plan. Ideally, you’ve already spoken with an estate planning professional before your purchase to decide whether the property should be titled in your name individually, jointly with a spouse, or in the name of a trust.

If this is your first home, and you’ve created a trust to avoid probate, make sure the property is titled in the trust’s name. Alternatively, if you’ve used a transfer-on-death (TOD) deed or Lady Bird deed, check that these documents reflect your wishes accurately. This ensures your estate plan works in harmony with your new property, protecting your loved ones and ensuring a smooth transition in the future.

At Zeus Estate Planning, we specialize in reviewing and updating estate plans to make sure they reflect significant changes, such as the purchase of new property. Whether you need to retitle your home or adjust the beneficiaries of your estate, we’re here to help.

3. Reassess Life Insurance and Beneficiary Designations

Buying a new home often comes with new financial responsibilities, like a mortgage. It’s essential to review your life insurance policy to ensure you have adequate coverage. This is especially important if you want to ensure your spouse or children can continue living in the home if something happens to you. Having sufficient life insurance can provide your family with the financial security to cover the mortgage or other expenses without disruption.

Additionally, purchasing a home is an excellent time to review your beneficiary designations. Over time, it’s easy to overlook these details, but failing to update beneficiaries can lead to unintended consequences. At Zeus Estate Planning, we’ll work with you to ensure your life insurance and other assets are properly aligned with your current estate plan.

We’re Here to Assist You

At Zeus Estate Planning, we understand how life changes, like buying a new home, impact your estate planning needs. Whether you need assistance updating your plan or have questions about how to protect your investment, our team is here to guide you. Contact us today, and let’s ensure your estate plan is structured to protect your family and assets.

Visit us at zeusestateplanning.com or call us at (917) 515-1825 to schedule a consultation. We’re here to ensure your future is secure!