4 Tips For Every New Homeowner

Congratulations on the purchase of your new home.  Whether this is your first home or an upgrade or downsize, the purchasing of a home is a big event in your life.  When these major life changes occur, it is important that you are properly prepared. Below are a few things for you to consider now that you finally have the keys to your new home!

1. Update Your Address:   It is very important that you update your address with the appropriate entities.  Your local United States Postal Office will have a form you can fill out. If you cannot make it into the post office, you can also update this information on their website .  This will assist them in forwarding your mail to you. As you receive forwarded mail, don’t forget to contact the senders of your new address.To ensure that you don’t miss any important tax notices or refunds, you will also want to update this information with the I nternal Revenue Service  and your local state tax agency.
2. Make Sure Your House Title Coordinates With Your Estate Plan:  Check your new deed to see how the property is titled.  Make sure that your property has been titled properly into the name of your trust. This is crucial to achieve your estate planning goals. Without this, your property will eventually end up in probate. If this is your first home and your estate plan includes a trust to avoid probate, make sure your home was titled in the name of the trust and not in your name individually. If it was titled into your name individually, contact our office and we can get it titled into the name of the trust.
3. Check Your Life Insurance Coverage and Beneficiary Designations:  Unless you were fortunate enough to pay cash for your new home, you likely now have a monthly mortgage expense. In order to protect your loved ones, check your life insurance coverage. Should you die before paying off the mortgage, it is a good idea that you have enough life insurance to meet that obligation of the home. This will allow a surviving spouse or children that want to continue living in the home. Even if they choose to not remain in the home, the life insurance can provide valuable assets during what is usually an emotionally difficult time.This is also a great opportunity to double check your beneficiary designations. Life changes happen so quickly that sometimes this can be overlooked.  If your designations do not match up with the rest of your estate plan, you may end up inadvertently disinheriting a family member or having the money fall into the wrong hands.
4. Check Your Homeowner’s Insurance Policy: