Navigating Major Life Changes Before Year-End

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. Our guide will help you navigate these changes from a legal and practical perspective, emphasizing the importance of acting before year-end to ensure everything is in order.

If You Got Married

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

If You Got Divorced

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

If You Had or Adopted a Child

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

If You Bought a House

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

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.