Big Life Change in 2024? Steps to Take Before End of Year

As the year draws to a close, it's a natural time to reflect on any big changes that may have come your way in 2024. Whether you've recently gotten married, divorced, welcomed a new child, or bought a new home, this season often ushers in major milestones and new beginnings. Taking proactive steps before the end of the year can ensure everything is in order.

If You Got Married

• Notify the Social Security Administration and other necessary agencies if you're changing your name.
• Consider drafting a postnuptial agreement to clarify financial expectations and protect assets.
• Update your will and estate plan to include your spouse.
• Adjust your power of attorney and health care proxy to include your spouse.
• Review and update beneficiaries on life insurance policies, retirement accounts, and other financial documents.

If You Got Divorced

• Remove your ex-spouse from your will and other estate documents.
• Revoke old powers of attorney and health care proxies and designate new individuals to handle financial and medical decisions.
• Ensure property titles reflect the new ownership arrangement based on the divorce settlement.
• Notify relevant authorities if you're changing your name back.
• Update your beneficiaries to exclude your former spouse from life insurance, retirement accounts, and financial accounts.

If You Had or Adopted a Child

• Update your will to include your child and designate legal guardians.
• Ensure your child is covered under your health insurance.
• Review beneficiary designations and add your child to life insurance policies and financial accounts.

If You Bought a House

• Ensure the new home is included in your estate planning documents.
• Check that the property title accurately reflects the ownership structure.
• Consider placing the property in a living trust to simplify its transfer in the future.
• Update your homeowners insurance to adequately cover the new property.

While this may not be an exhaustive list of all the steps to take, it's a great starting point. Remember, updating your legal and financial documents now will make for a smoother transition into 2024. Need help navigating these changes? Reach out today to ensure you're legally prepared for 2024 and beyond.