Legal, Financial, and Security Steps You Cannot Skip
1. Update Your Address
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- Complete the United States Postal Service (USPS) change of address form online or in person to have your mail forwarded. Note: Changing your address with the USPS may not automatically update your voter registration.
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- Submit Internal Revenue Service (IRS) Form 8822 to ensure that you receive federal tax notices.
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- Update your driver’s license to ensure that it reflects your new address.
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- Contact your state tax agency for state tax notices. Missing a property tax assessment or a state tax notice due to a move can result in significant penalties.
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- Update your address with banks, credit card companies, insurance providers, subscriptions, and other important contacts such as your attorney, accountant, and financial advisor.
2. Ensure That Your Estate Plan Reflects Your New Home
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- If your old estate plan included your previous home, update it to reflect your new property.
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- If your estate plan includes a trust, meet with an attorney to discuss transferring your new home into the trust so that it is properly funded into your trust and addressed within your plan.
If you do not yet have an estate plan, now is an ideal time to create one. Even a simple will or trust can help ensure that your home and other assets go to the right people. Consult your estate planning attorney for guidance.
3. Legacy and Distribution
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- Confirm that your life insurance coverage is sufficient to cover the expense of your new home and other major expenses.
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- Ensure that all beneficiary designations (for life insurance, retirement accounts, and bank accounts) align with your overall estate plan.
4. Assess Digital and Physical Security
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- For smart locks, video doorbells, thermostats, and security cameras, ensure that access codes are stored in a secure password manager or digital vault that your executor or trusted family member can access.
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- Keep instructions for digital accounts (e.g., email, banking, investment, social media, cloud storage) in a secure location accessible to your executor.
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- Ensure that you update your home’s physical security (e.g., locks and alarms) with new keys or access codes.
Illustration Purposes Only. This document is not legal, tax, or financial advice. Consult with a qualified professional at Sommers Law Group before making any legal, tax, investment, or financial decisions.
