Is it time to update your Estate Plan?

It is a good idea to periodically update your Estate Plan to account for changes that may have occurred since it was placed into effect. Some of the changes that should be accounted for are identified in a recent article on Fidelity’s website entitled “Dust Off Your Estate Plan: 10 Common Pitfalls To Avoid.” Some of the identified changes that should prompt a review of your estate plan are if: (1) The fiduciaries named in your estate plan are no longer appropriate; (2)  Your children’s status has changed, such that they now may be adults and/or are married or divorced; (3) Your wealth has increased or decreased in any significant manner; (4) You have changed your state residency; or (5) Your estate plan was placed into effect before 2011, as tax laws have changed since then, and you now may be able to develop a better estate plan. You can read about the remaining pitfalls, and the entire article, by clicking here.