Few Black Americans have wills. Roughly a third of all U.S. adults have a will, according to Caring.com’s 2021 wills and estate planning survey. However, just 27.5% of Black Americans have one, which is still an uptick from 25.9% in 2020.
CNBC’s recent article entitled “‘We are in a state of emergency.’ More than 70% of Black Americans don’t have a will. Here’s why a plan is key” explains that Black Americans are missing out on the largest wealth transfer in history. Over the next quarter century, an estimated $68 trillion will be transferred from U.S. households to heirs and charity. Without a proper estate plan in place, probate costs could be 3% to 8% of the value of an estate.
Everyone over the age of 18 should make a plan. There is a misconception that age is a factor, that you’re supposed to be old to do estate planning, or that you’re supposed to be wealthy to do estate planning. That is just wrong. Speak to an experienced estate planning attorney in Mooresville, NC about setting up a plan for you. In this plan, the estate planner should include the following documents:
Remember that a last will states to whom you wish to give your assets after you die. It also lets you name a guardian for any minor children you may have.
Review your estate plan as life circumstances change, like a new child or grandchild, a marriage or divorce, or a change in financial circumstances.
In addition, ask an experienced estate planning attorney about trusts, which hold assets on behalf of your beneficiaries instead of those assets going directly to them. Trusts should be considered for those with higher asset levels, blended families and those with a complicated financial situation.
For most people, a will is not enough. A trust creates a secure place for your assets for the people you left behind, the beneficiaries, with instructions and most importantly, avoids probate.
It is important to take action in creating a plan, which can help create generational wealth.
Reference: CNBC (Feb. 7, 2022) “‘We are in a state of emergency.’ More than 70% of Black Americans don’t have a will. Here’s why a plan is key”
“I have known Kayce for years and would trust her completely with any legal situation you may have.”
“Very professional, courteous and well prepared staff!”
“Kayce and the entire team … are great to work with. Professional, responsive, and prompt.”
“…very professional and thorough in every aspect of the process!”
Planning your estate is essential no matter how old you are or your situation in life. If you have yet to estate plan, let our firm help you with all aspects of the process.Book a FREE Call Now!