Attorney Katrice Matthews of Sable Law Group spoke about the importance of estate planning in an interview with ABC7 Chicago. Matthews said that estate planning is essential for building generational wealth. A survey by Caring.com found that only about 30% of Black Americans have a will or estate plan.
Without an estate plan, families may face probate court.
Estate planning among Black Americans
This can last from six months to three years and cost 3-7% of the estate’s value.
It can potentially drain thousands of dollars that could have gone to loved ones. Matthews also spoke about her organization’s “brunch and bequests” events. These events offer a unique way for people to complete their estate planning.
For more personal finance insights, visit ABC7 Chicago.
Image Credits: Photo by Avi Waxman on Unsplash
