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. To ensure you're fully prepared and everything is in order, it's essential to address key legal steps before the year ends.

If You Got Married

Begin by discussing the legal and financial updates newlyweds should address:

• 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.
• Update your will and estate plan to include your spouse.
• 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.

If You Got Divorced

Highlight the key legal adjustments required after a divorce:

• Revoke old powers of attorney and health care proxies and designate new individuals to handle financial and medical decisions.
• Notify relevant authorities if you're changing your name back.
• Ensure property titles reflect the new ownership arrangement based on the divorce settlement.
• 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.

If You Had or Adopted a Child

Provide actionable advice on what legal documents and policies need updating:

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

If You Bought a House

Offer guidance on updating legal documentation after purchasing a property:

• Consider placing the property in a living trust to simplify its transfer in the future.
• 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.

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.