Congratulations on your new home! Whether this is your first home, or you’re upgrading or downsizing, buying a home is a significant milestone in life. With such a major event, it’s important to have a plan that ensures you’re prepared for what’s ahead.
As you settle in and enjoy your new space, here are a few key things to consider for securing your future and protecting your investment. If you have any questions or would like to explore your legal options, contact us at Jordan & White—we’re here to help. Call 978-744-2811 today!
1. Update Your Address
Now that you are in your new home, you must update your address with the appropriate institutions. Your local United States Postal Office has a form you can fill out. If you cannot make it to the post office, you can also update this information on their website. This will assist them in forwarding your mail to you.
To guarantee that you do not miss any important tax notices or refunds, you will also want to update your address information with the Internal Revenue Service using Form 8822, as well as with your local state tax agency.
2. Make Sure That Your House Title Coordinates with Your Estate Plan
While it is still fresh in your mind, take a look at your new deed to determine how your new home is titled. Ideally, before buying the new property, you spoke with an estate planning professional to decide how you want to own it—whether in your name alone, jointly with a spouse, or in the name of your trust. It is important to review your current estate plan after the purchase of the home to ensure that it aligns with your estate planning goals.
For example, if your plan includes instructions to give your old property to someone and it mentions the address of your previous home, you’ll want to update this once you no longer own that property. This helps avoid any confusion later on.
On the other hand, if this is your first home and your estate plan includes a trust to avoid probate, you will need to ensure that your home is titled in the name of the trust and not in your name individually.
Alternatively, you could have a transfer-on-death (TOD) deed or Lady Bird deed prepared to name the trust as a devisee for your home if your state allows these options. Also, if you want your property to go to a specific person or be held in trust for your loved ones, like your minor children, you’ll need to make sure these instructions are added to your plan.
3. Check Your Life Insurance Coverage and Devisee Designations
Unless you were fortunate enough to pay cash for your new home, chances are you now have a monthly mortgage expense. In order to protect your loved ones, it would be wise to prepare for the possibility of dying before you pay off your mortgage.
You may want to consider whether you have enough life insurance to pay off the balance of the mortgage. This is especially important if you have a spouse or children who will likely keep living in the home. You want to make sure they have enough money to cover one of their biggest monthly expenses.
In Massachusetts, life insurance policies offer protections like a 10-day free-look period, a 30-day grace period for missed payments, and anti-lapse rules that ensure proper notice before cancellation.
Devisees can also challenge lapses if procedures aren’t followed. Life insurance can provide valuable funds during what is usually an emotionally—and sometimes financially—difficult time.
When you buy a new home, it is a great opportunity to double-check your devisee designations. Life changes happen so quickly that sometimes updating them can be overlooked.
Suppose your designations do not align with the rest of your estate plan. In that situation, you could accidentally disinherit a family member, give a large amount of money to someone (like a young adult or minor) without any guidelines, or have your hard-earned money and property go to someone you no longer want to benefit from your life insurance.
Lastly, now that you have a home and homeowner’s insurance, call your insurance agent to make sure that you are getting all of the discounts to which you are entitled. Many insurance companies will offer discounts when you bundle services.
Suppose you already have car insurance through a carrier and use the same company for your homeowner’s insurance. In that case, you may be entitled to a better rate than if you obtained the policies at separate carriers. In addition, homeowners often get discounts that renters do not.
We Are Here to Help
At Jordan & White, we’re dedicated to protecting your interests today while building a solid plan for your future. Our comprehensive, custom estate planning services are designed to meet your unique needs at every stage of life.
Whether you’re buying or selling real estate, we work closely with buyers, sellers, and lenders to prevent potential issues and ensure smooth, successful closings. Additionally, we guide families through probate, estate, and trust administration with both efficiency and compassion.
If you have any questions or would like to explore your legal options, contact us at 978-744-2811 —we’re here to help you take the next step toward securing your future.