How to Create an Comprehensive Estate Plan
March 12, 2026
The Importance of Create an Estate Plan
Estate planning is an essential proactive part of financial planning that accounts for assets and other important matters that need to be addressed post one's death or incapcitation. Estate plans may include handling any existing debts, assigning a power of attorney, listing any beneficiaries and the designated assets that will be left to them, assignment of guardianship of children, and any final wishes. This provides a glimpse into the importance of planning ahead of time, as these matters can be overwhelming to decide and handle for loved ones as they also grieve.
Essential Steps When Creating an Estate Plan
- Appoint Who Will Have Power of Attorney: Those with power of attorney are granted with the ability to make financial and medical decisions on one's behalf. This ability can be assigned to more than one person, which can be helpful as they will also be responsible for handling the management of insurance, paying any debts or bills, ensuring the loved one receives proper medical care, and other responsibilities.
- Create a Will & Living Trust: A living will and trust is often the foundation of any estate plan that provides guidance for loved ones. Living will and trusts include assigning the executor to the estate, beneficiaries of assets and belongings, appointing guardians for young children or any dependents, and address wishes regarding life-prolonging treatments.
- Discuss & Establish Advanced Healthcare Directives: As mentioned above, it's important to discuss and establish your wishes regarding any healthcare decisions. Blood transfusions, medications, surgeries, tube feeding, being placed on life support, and DNR forms, are common, yet often difficult, decisions that warrant an in-depth conversation about. These documents can be as specific as you'd like and can include religious or spiritual preferences at end-of-life.
- Organize Important Documents: Birth and marriage certificates, divorce papers, bank statements, investment statements, any existing insurance policies, any military records, any deeds and titles, and recent tax documents are all examples of documents that should be organized and prepared. If you're unsure which documents are valid and should be kept, consider asking a professional estate planning specialist.
Contact Us for Estate Planning Services
Burch & Associates, Inc. serves Crete, Lincoln, Beatrice, Columbus, NE, and the surrounding areas as a local tax specialist and business tax preparation firm. We provide estate planning services to help our clients prepare for the future. For more information and to schedule a consultation, contact our office today.
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