Tips For Every New Homeowner
Congratulations on the purchase of your new home. Corona Estate Planning Attorney Joseph Hudack says that whether this is your first home or an upgrade/downsize, purchasing a home is a significant event in your life. When these major life changes occur, you must be adequately prepared. Below are three tips for every new homeowner to consider now that you finally have the keys to your new home!
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Update Your Address
Now that you are in your new home, it is essential that you update your address with the appropriate entities. Your local United States Postal Office will have a form you can complete. This will assist them in forwarding your mail to you.
You will also want to update this information with the Internal Revenue Service to ensure that you don’t miss any critical tax notices or refunds.
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Make Sure Your House Title Coordinates With Your Estate Plan
While it is still fresh in your mind, reference your new deed to see how the property is titled. Then, you will want to reference your estate planning documents to ensure that your property has been appropriately titled to achieve your goals.
For example, suppose your previous plan had a specific provision distributing your old property. In that case, you will want to make sure that you update this provision since you no longer own the previous property. On the other hand, if this is your first home and your estate plan includes a trust to avoid probate, you must ensure that your home was titled in the name of the trust and not in your name individually.
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Check Your Life Insurance Coverage and Beneficiary Designations
Unless you were fortunate enough to pay cash for your new home, chances are you now have a considerable monthly mortgage expense. To protect your loved ones, you must 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 should you have a surviving spouse or children that will likely continue to reside in the home. Even if they choose not to remain in the home, 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. Suppose your designations do not match up with the rest of your estate plan. In that case, you may end up inadvertently disinheriting a family member or having the money fall directly into the hands of an individual without any guidance. Life changes happen so quickly that sometimes this can be overlooked.
Many insurance companies will offer discounts when you bundle services. If you already have car insurance through a carrier and use the same company for your homeowner’s insurance, you may be entitled to a better rate than if you had both policies separately. In addition, homeowners often get discounts that renters don’t. Lastly, now that you have a home and homeowner’s insurance call your insurance agent to ensure you are getting all the discounts you are entitled to.
We’re Here to Help
Buying a new home is a big step; we are here to help. Contact Hudack Law today at (877) 314-4309 Toll-free, please visit areas of service (open link in a new tab) or hudacklaw.com (open link in a new tab).