Let’s get real: We, as Black families, have faced centuries of systemic challenges designed to keep us from building and preserving wealth. From redlining to the heirs’ property crisis, these challenges aren’t just statistics—they’re stories we’ve lived.
But here’s the thing: The problem isn’t just the system. Often, it’s a lack of knowledge—and that’s by design. Historically, estate planning has been an intentionally opaque topic, shrouded in legal jargon and pitched as something only the wealthy need or can afford. This misinformation serves to perpetuate wealth inequality.
Take heirs’ property, for example. This happens when a property is passed down without a will or trust, leaving multiple family members as co-owners. In too many cases, disagreements or legal loopholes allow outside parties to swoop in, acquire shares, and force a sale. It’s estimated that Black families in the U.S. have lost over $1 billion in land ownership due to this exact scenario. Imagine how much generational wealth has been wiped out because of these tactics.
Or consider the probate process. Without a trust, your estate—even a modest one—is likely to go through probate court. This process is not only lengthy and public but also expensive. Legal fees, court costs, and disputes among heirs can chip away at what’s left. Families are left with less than they started, and sometimes, with nothing at all.
Now think about how this impacts your family. The home you’ve worked so hard for could be sold off to pay debts or taxes. The savings you’ve carefully built could be drained by lawyers. And worst of all, the relationships you cherish could be torn apart by misunderstandings or disputes.
The lack of a plan isn’t just a financial problem—it’s an emotional one. It creates stress, uncertainty, and division among families. And every year, these unplanned losses keep the wealth gap firmly in place.
We’ve been told a lie: that estate planning is for the wealthy. The truth is, estate planning is for anyone who cares about protecting their family’s future. And you don’t have to be wealthy to do it. You just have to be wise.