Estate planning is essential and ensures that your assets are managed and distributed according to your wishes after you are no longer living or in the event of incapacity.

Planning provides legal clarity, minimizes family issues, and can reduce things like taxes and probate costs. Key elements include wills, trusts, power of attorney, and healthcare directives.

It’s helpful to protect beneficiaries, particularly minors or dependents and secures financial stability for your loved ones. It also ensures your medical preferences are honored if you’re unable to communicate, giving you peace of mind for the future.

Fast Facts:

According to a recent study from Consumer Reports, 70% of Black Americans don’t have a Will.

Historically lower wealth accumulation among Black Americans can lead to the perception that estate planning is not necessary

According to a report from Cerulli, by 2045 up to $84 trillion will be transferred from households to heirs or donated to charities. This means a significant source of generational wealth is being missed by Black families

Sources:

https://sfwlegalteam.com/elizabeth-williams-winfield/

https://tgqlaw.com/terrence-g-quinn/

https://www.trustedlegalwarrior.com/about