Why some Black Americans might miss out on the $68 trillion transfer of generational wealth

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Why some Black Americans might miss out on the $68 trillion transfer of generational wealth
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Only 27.5% of Black Americans have a will as of 2021. Without one, Black Americans could miss out on the largest wealth transfer in history, an estimated $68 trillion. - NBCBLK

Gareth Cattermole / Getty Images for Disney fileWhen actor Chadwick Boseman died, he didn’t have a will. Neither did recording artists Prince and Aretha Franklin., there was surprise that such notable names hadn’t made estate plans. Yet, estate planning isn’t as common as experts argue it should be, including among Black Americans.

Overall, 33 percent of U.S. adults have a will, according to Caring.com’s 2021 wills and estate planning survey. Meanwhile, 27.5 percent of Black Americans have one, up from 25.9 percent in 2020.on the largest wealth transfer in history, said Brickson Diamond, co-founder of Black House Foundation, a nonprofit aimed at creating new opportunities for the Black community in the film world.

Over the next 25 years, an estimated $68 trillion will be transferred from U.S. households to heirs and charity, according to an analysis of high net worth and ultra-high net worth markets by consulting groupWithout a plan in place, probate costs could be 3 percent to 8 percent of the value of an estate, said Diamond, a board member ofThere is also a lack of clarity around a loved one’s wishes and potential discord that may cause among family members.

To be sure, Black Americans’ median wealth is less than 15 percent of that of white families in the U.S., according to the Federal Reserve’sThe median Black household wealth was

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