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. It's essential to navigate these changes from a legal and practical perspective and ensure everything is in order before the year ends.

If You Got Married

Marriage brings with it several important legal and financial updates. Here are steps you should consider:

• Notify the Social Security Administration and other necessary agencies if a name change is applicable.
• 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.
• Update your will and estate plan to include your spouse.
• Consider drafting a postnuptial agreement to clarify financial expectations and protect assets.

If You Got Divorced

After a divorce, several legal adjustments are required to protect your interests:

• 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.
• Remove your ex-spouse from your will and other estate documents.
• Ensure property titles reflect the new ownership arrangement based on the divorce settlement.
• Revoke old powers of attorney and health care proxies and designate new individuals to handle financial and medical decisions.

If You Had or Adopted a Child

Welcoming a new child into your family calls for several updates to legal documents and policies:

• 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

Purchasing a new home is a significant milestone that involves updating several legal documents:

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

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.