70% of African Americans Do Not Have a Will or Estate Plan
The Center for Social Inclusion lists lack of estate planning as one of the main pitfalls in African American loss of family land. A survey by The Center for Social Inclusion in conjunction with the Ford Foundation found that over 50% of African Americans think that either they don't have enough assets to justify estate planning, or that their farmland or family home will automatically go to their children or family member. Nearly 70% have no will or estate plan in place. This is costing families upward of $2 billion annually.
Earl G. Graves Sr. , Founder and Publisher of Black Enterprise, showed his concern by saying, "Working hard your whole life to create wealth, achieve professionally, build businesses, and provide for your family, only to die without a will simply does not make sense. Of all the “what ifs” that go into a lifetime of money management and financial planning, one thing is unavoidable–life will end one day for each of us. Our commitment to multi-generational wealth creation requires us to plan for the inevitable."
"Estate planning means future generations not having to start from scratch to launch their businesses, or to finance the growth of those we leave to them. It means lessening our children’s and grandchildren’s dependence on student loans. It means providing the resources necessary to support the institutions, including historically black colleges and universities, necessary for the continued progress of African Americans."