1. Please update your will. It’s so important to be sure that your will reflect your new purchase and what should happen if you die.
2. Review your life insurance. I have heard so many times, I have life insurance to cover my funeral expenses. If you have a mortgage, is it your intention that you want your family to live in the house if you die? How will they pay the mortgage? If so, review your life insurance to make sure those big expenses are covered.
3. Make sure you have an up-to-date power of attorney. If you become incapacitated or you’re unable to communicate, you need to designate someone who can legally speak on your behalf to utility companies, banks, mortgage companies. The power of attorney could accomplish this.
4. Don’t throw away your closing disclosure also known as settlement sheet. At the time of closing, you were given closing disclosure or settlement sheet that details the cost to purchase your home. You will need this to file your taxes. A copy is also kept with your realtor or your lawyer who helped you with the closing.