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. Navigating these changes can be overwhelming, but taking some timely legal steps can help ensure everything is in order before January rolls around.

If You Got Married

If you tied the knot this year, congratulations! Here are some essential updates to consider:

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

If You Got Divorced

Divorce is challenging, but ensuring your legal documents reflect your new status is critical:

• Remove your ex-spouse from your will and other estate documents.
• Update your beneficiaries to exclude your former spouse from life insurance, retirement accounts, and financial accounts.
• 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.

If You Had or Adopted a Child

Welcoming a child into your family is a joyous event. Here's what you should update:

• 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

Buying a new home is a significant milestone. Make sure to:

• Ensure the new home is included in your estate planning documents.
• Update your homeowners insurance to adequately cover the new property.
• 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.

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 2025.

Need help navigating these changes? Reach out today to ensure you're legally prepared for 2024 and beyond.