Why Estate Planning is Key In the Black Community
“Legacy, legacy, legacy, legacy Black excellence baby, you gon’ let ’em see”
LegacyWhile watching Black Panther, we witnessed the crown being passed down from T’Chaka to T’Challa, Of course, T’Challa had to defend his right to the throne but he inherited the African Nation of Wakanda! Although the movie is fiction, it is a perfect example of a father bequeathing his sons legacy. The question we must ask ourselves is, “What will we leave our prince and princesses when we die?”
DeathT’Challa’s father dies in Captain America: Civil War when a building explodes as he is giving a speech. Hopefully, we will not to face death this way but one day we will surely take our final breath. When we take this final breath, it is important for us to have a plan in place for our estate. The last thing we want is our grieving families is to have to deal with our financial mess.
Five Steps to Creating Your Plan
- If you have dependents, get Life Insurance TODAY (Consider purchasing it even if you don’t have kids). A GoFundMe account is not a solid financial plan.
- Make sure you designate a beneficiary on all of your accounts
- Create a password protected document with all your account information. Be sure to include that secret account you are hiding from your spouse 🙂
- Create a will and be sure to get it notarized. The laws for creating wills may be differ depending on which state you live in so do your research.
- If you have a really complex financial situation, consider hiring an estate planner