Whether this is your first home or you're moving to better meet the needs of your growing family, buying a home is a big milestone. As parents of young children, it's especially important to have a plan in place to protect your family's future and your new investment. Below are a few things to consider now that you finally have the keys to your new home.

1. Update Your Address

Now that you've moved, make sure to update your address with the right entities to avoid missing important mail. Start by notifying the United States Postal Service. You can complete a change of address form in person or easily do it online. This will help forward any mail to your new home.

To ensure that you do not miss any important tax notices or refunds, don't forget to update your address with the Ohio Department of Taxation and inform the IRS of your new address using Form 8822. Alternatively, contact a tax professional to assist you.

2. Align Your House Title with Your Estate Plan

As a parent, ensuring that your new home is properly titled within your estate plan is key to protecting your children's future. Ideally, you discussed how to title your home before closing on it. However, it's still important to review your deed and estate plan now to ensure everything aligns.

For example, if your estate plan includes a trust to avoid probate, you'll need to make sure the home is titled in the name of the trust rather than your name individually. If you prefer to add a transfer-on-death (TOD) designation to choose beneficiaries (such as your spouse or children) or your trust, Ohio law allows for this. It is best practice to seek the assistance of an attorney or other real estate professional to ensure a TOD is properly executed and filed with the County where you live. TOD designations are a great tool to keep the home out of probate while ensuring it goes to the right individuals. This way, should anything happen to you, your children's future is protected, and they have a clear path to keeping the home in the family.

3. Check Your Life Insurance Coverage and Beneficiary Designations

Owning a home likely means a new mortgage. Consider whether your life insurance coverage is sufficient to cover the mortgage balance in the event something happens to you. This is especially important if you have young children and want to ensure they can stay in the home even if one parent passes away unexpectedly. Adequate life insurance can relieve your family of the financial burden of a monthly mortgage payment, providing stability during a difficult time.

Now is also an excellent time to double-check your life insurance and retirement account beneficiary designations. Life changes quickly, and overlooking beneficiary updates could unintentionally disinherit family members or result in a young child receiving a large sum of money without any protections or guidance. To ensure your children are taken care of properly, you may want to designate a trust as the beneficiary, allowing you to set specific guidelines for their inheritance until they're ready to manage it responsibly.

Finally, now that you're a homeowner, call your insurance agent to ensure you're getting all eligible discounts. Many insurers offer discounts for bundling policies, such as combining auto and homeowner's insurance. Homeowners often receive discounts not available to renters, so be sure to ask.

We're Here to Help Protect Your Family's Future

Buying a new home is a significant step for your family, and Halterman Law is here to help you take the right estate planning steps to protect both your loved ones and your new investment. Give us a call or schedule your free and convenient Zoom consultation with Sinem Halterman so we can work together to ensure your estate plan is structured to meet the needs of your family now and in the future.

The information provided in this blog is for educational purposes only and does not constitute legal advice. Every situation is unique, and laws may vary based on jurisdiction. Please consult a qualified attorney for personalized advice regarding your specific circumstances.