Financial adviser discusses importance of estate planning


MACON, Ga. -- Estate planning can be a topic that is hard to talk about, but it is important to have a plan to protect your family.

Without a plan, a sudden death in the family could put your assets and loved ones at risk.

Financial adviser Tyler Ver Steeg said that having a plan makes things much easier for everyone involved.

"You should start estate planning, really at the very latest, when you have a family and assets to consider," he said.

Ver Steeg said there are risks involved with not having an estate plan, like paying more taxes after death.

"You would risk also things like family discord potentially because now you are leaving decisions potentially to the courts," he said.

He said that people are general pretty good about planning for debt and funeral costs, but that one thing that is usually under-planned is income replacement.

"So we often recommend that some clients take some multiple of their net income--say 10 to 20 times of their net income--and that should be an additional coverage that they carry," he said.

Additionally, one thing to remember about having a will is that it is important to have it notarized so there are no questions about its credibility.

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