70% of Black Families Lack Estate Plans: Report

Did you know that a staggering 70% of Black families are not estate planning? That’s the alarming finding from a recent report, highlighting a significant gap in preparing for the future. Probate lawyer Jehan Crump-Gibson is sounding the alarm, explaining why this oversight can lead to devastating consequences for families and why it’s crucial to start planning now.

The High Cost of Not Planning

Crump-Gibson, author of ‘A Matter of Life and Death,’ grew tired of seeing families fight over inheritances – grandma’s house, granddad’s money, or who would care for aging parents. She realized the solution was simpler than many believe: estate planning and establishing a power of attorney. Without these, matters often end up in probate court, causing unnecessary stress, expense, and conflict during already difficult times.

The numbers are stark. While the pandemic prompted more Americans to consider end-of-life planning, recent studies show a decline. A Caring.com report indicates only 24% of Americans have a living will. For Black Americans, this figure drops even lower, with only 29% reporting having a will or estate planning document. This means a vast majority are missing out on the largest wealth transfer in U.S. history, estimated at $68 trillion over the next 25 years.

Debunking Common Myths

One of the biggest hurdles is procrastination, but another major reason people avoid estate planning is the belief that they don’t have enough assets to warrant it. Crump-Gibson calls this a myth. “Estate planning is a lifetime process, and what I say is that it starts as soon as you hit adulthood,” she explains. “When you get a bank account, a 401k, whatever it is that you have, you need to plan for it.”

It’s not just about finances; estate planning also covers health-related decisions. Crump-Gibson stresses the importance of a power of attorney for all adults, starting at age 18. This document dictates who can make decisions if you become incapacitated, ensuring your bills are paid and medical choices are made according to your wishes, without court intervention.

The Importance of Proper Legal Execution

Even with documents in place, proper execution is key. Crump-Gibson points to the case of Aretha Franklin, whose handwritten wills were contested for years. She advises having documents professionally drafted, properly witnessed, and notarized according to state laws. “Have your document written up, have it properly witnessed, and notarized… and then you’ll be protected,” she urges.