Congratulations on your new home. Whether you are officially a first-time homeowner or are leveling up (or scaling back) to a space that better fits your life, buying property is a massive milestone.

While you are busy picking paint swatches and unboxing the kitchen, do not forget that a new deed often means a new financial landscape and asset to plan for. Now is the perfect time to sync your estate plan and financial goals with this new chapter.

1. Update Your Address

Once you have moved into your new home, updating your address should be a top priority.

Start by notifying the United States Postal Service so your mail can be forwarded to your new address. You can complete a change-of-address request online or in person at your local post office. (The request to forward your mail expires after 12 months, so make sure to update your address with all financial institutions so that you do not need to do this again.)

Ensure that your address is updated across all your financial, retirement, and investment accounts and that your driver’s license also accurately reflects your new address.

In addition, update your address with both the Internal Revenue Service (using Form 8822)¹ and your state tax agency. Keeping this information current helps ensure that you receive important tax documents, notices, and any refunds without delay.

2. Ensure That Your Home’s Ownership Matches Your Estate Plan

After closing, take a moment to review your deed to see how your new home is legally titled. This detail plays an important role in how your property will be handled as part of your estate plan, including what will happen to it if you become incapacitated (unable to manage your affairs) and the way it will transfer at death.

If you already have an estate plan, the way your new home is titled should align with how you want your real property to be distributed. For example, if your plan includes a trust designed to help avoid probate—the court-supervised process of settling your estate—your home may need to be titled in the name of the trust rather than in your individual name, allowing the trust’s terms to detail what should happen with your property. If your home is not properly titled, your plan may not work as intended.

You should also review any parts of your estate plan that refer to real estate. If your previous home was specifically mentioned and planned for, those provisions may need to be updated to reflect and address your goals for your new home.

¹ I.R.S., Form 8822, Change of Address (Feb. 2021), https://www.irs.gov/pub/irs-pdf/f8822.pdf.