3 Estate Planning Tips Every New Homeowner Should Know
With interest rates falling, many may be thinking about buying a new house. Whether you are a first-time homebuyer, upgrading to a larger space, or downsizing into your next chapter, or still just thinking about it, buying a home is one of the most exciting — and significant — investments you will ever make.
With any major life event, it is important to make sure your legal and financial plans evolve with you. For homeowners in Mukilteo, Snohomish County, and throughout Washington State, purchasing real estate should always trigger a review of your estate plan.
Here are three key tips every new homeowner should consider after receiving the keys.
1. Update Your Address with Key Agencies
Once you move into your new home, updating your address should be at the top of your to-do list.
Start with the United States Postal Service (USPS) so your mail can be forwarded. You can complete a change of address form online or at your local post office.
You should also update your address with:
The Internal Revenue Service (IRS) using Form 8822
The Washington State Department of Revenue (if applicable)
Banks and financial institutions
Insurance providers
Estate planning and legal documents
Failing to update your address could result in missed tax notices, insurance communications, or other time-sensitive legal documents — something no homeowner wants to deal with.
From an estate planning perspective, ensuring your legal documents reflect your current residence is also an important housekeeping step.
2. Make Sure Your Home Title Aligns with Your Estate Plan
One of the most overlooked, but most important, steps after purchasing a home is confirming that the property title coordinates with your estate plan.
Ideally, you discussed titling with an estate planning attorney before closing. If not, now is the time to review your deed.
Common ownership structures include:
Individual ownership
Joint ownership with a spouse
Community property (in Washington)
Ownership in the name of a Revocable Living Trust
If your goal is to avoid probate in Washington State, your home may need to be titled in the name of your trust rather than in your individual name.
You may also consider tools such as:
Transfer-on-Death (TOD) Deeds (recognized in Washington)
Trust funding strategies
Provisions for minor children or beneficiaries
For example:
If your will or trust specifically references a prior property address, that provision should be updated.
If this is your first home and you have a trust, the property should be transferred into the trust.
If you want the home held in trust for children, customized provisions should be added.
Aligning your deed with your estate plan ensures your home passes according to your wishes — not default Washington probate law.
3. Review Life Insurance & Beneficiary Designations
For most homeowners, a new property also means a new mortgage obligation.
That makes life insurance planning especially important.
Ask yourself:
Would my policy pay off the mortgage if I passed away?
Could my spouse or children afford to remain in the home?
Do my beneficiaries match my estate plan?
Life insurance can provide critical financial stability during an emotionally difficult time, helping loved ones:
Pay off the mortgage
Cover property taxes and insurance
Maintain the family home
Purchasing a home is also the perfect time to review beneficiary designations across all accounts — including retirement plans and insurance policies.
Outdated designations can lead to unintended outcomes, such as:
Funds going to an ex-partner
Minor children receiving assets outright
Loved ones being unintentionally disinherited
Coordinating beneficiary designations with your estate plan is key to comprehensive planning.
Bonus Tip: Review Your Homeowner’s Insurance Coverage
Now that you have homeowner’s insurance in place, contact your insurance agent to confirm you are receiving all available discounts.
Many Washington homeowners qualify for reduced premiums by:
Bundling home and auto insurance
Installing security systems
Maintaining claim-free histories
Ensuring adequate coverage — while maximizing discounts — protects both your property and your long-term financial plan.
Estate Planning for Homeowners in Mukilteo & Snohomish County
At Sheets Law, we help homeowners throughout Washington state:
Create wills and revocable living trusts
Avoid probate in Snohomish, King, and Island Counties
Fund trusts properly
Draft durable powers of attorney
Prepare healthcare directives
Coordinate beneficiary designations
Estate planning is not just about documents — it’s about making sure your home, your family, and your wishes are aligned.
If you recently purchased a home in Mukilteo or anywhere in Washington State, now is the perfect time to review your plan.
📞 Call 425-588-0439 to schedule a consultation.
Estate planning is an act of love — and your home is one of the biggest expressions of that love.
