I recently met with a lawyer to talk about my “estate.” I had been putting off the conversation for years because I didn’t think I needed to make an immediate plan for my things. However, upon reflecting on how one’s health can change rapidly due to COVID-19 or other circumstances, I thought I should speak to someone about financially securing my assets.
I wanted to speak to a professional about making a will, finding out the difference between a will and a trust, and getting paperwork completed that would leave my hard-earned money to the ones I love. Part of making sure your money and assets go to your intended loved ones, and are not lost to the government or banking institutions, depends on whether or not you clearly state your intentions.
Each year, millions of dollars leave the Black community because people have not made wills or discussed their pensions, bank accounts, mortgages, or other assets with family members, and their financial assets go unclaimed. Many people, regardless of racial background, do not like to discuss death. It’s an uncomfortable topic that makes some people superstitious, others depressed, and a large swath frightened. However, if we do not discuss the inevitable, we may be exposing our family members to great financial turmoil, debt, and loss of money that should and could stay in the family.
By no means do I have Oprah Winfrey levels of money, nor do I have a fancy investment banker’s salary. However, I do know that I have worked very hard for my savings and 401k and would hate to see it sit in a bank account unclaimed due to lack of communication with my family about my affairs. We have seen far too many families fight over beloved objects or property solely because the deceased’s wishes were never made clear. In order to decrease the stress on your loved ones, a simple conversation with an estate planner can help you put to paper your wishes or, at the very least, designate the person in charge of handling things when you are no longer here. Do you plan on leaving money to your religious institution, alma mater, favorite charity, or dear friend? All of these things need to be known—and written down.
We have all heard stories about the lack of generational wealth within the Black community and some of that dissolution of wealth stems from a lack of clear communication about assets and wishes. These are hard conversations to have, but they are worth having. It is my hope that you will give yourself a small amount of time to get your affairs in some sort of order if you have not done so already.
Christina Greer, Ph.D., is an Associate professor at Fordham University, the author of “Black Ethnics: Race, Immigration, and the Pursuit of the American Dream”, and the co-host of the podcast FAQ-NYC and host of The Blackest Questions podcast at TheGrio.