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 crucial to ensure that your legal and financial affairs are updated to reflect these changes.

If You Got Married

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

If You Got Divorced

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

If You Had or Adopted a Child

• 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.
• Ensure your child is covered under your health insurance.

If You Bought a House

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

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.