To commemorate National Estate Planning Awareness Week, observed from October 17 to 23, the Essex County Surrogate’s Court released an explainer video detailing why Essex County residents should prioritize estate planning and how to get started making a Will. Within 25 years, Baby Boomers are expected to transfer $68 trillion in wealth to the next generation. Yet, only 32% of Americans have an estate plan, which can lead to horror stories involving expensive and drawn-out legal battles and court fees. And according to a recent report, over 70% of Black Americans do not have a Will, and 1 in 3 Americans believe they have nothing to leave behind for the next generation.
“Having a Will is critical to ensuring that your assets are passed on how and to whom you want them to be. In the Black community, the greatest asset we have is often our homes, and having a Will helps us protect the gains we’ve made and build needed generational wealth,” remarked Essex County Surrogate Alturrick Kenney. “We’ve observed several factors, particularly socioeconomic, which contribute to why many Americans do not have Wills. Ultimately, most people want to avoid talking about their own death. But we believe community outreach efforts allow us to assist families in having these sensitive conversations with their loved ones. This video is meant to start that conversation.”
While the Essex County Surrogate’s Court is not permitted to assist people with drafting a Will, it provides educational opportunities. In 2021, the Court hosted a National Make-A-Will Month webinar with award-winning actor, producer, and star of the Matrix franchise and ABC’s Lost, Harold Perrineau, to demystify the process for Essex County families.
Essex County residents interested in Wills and estate planning can visit www.essexsurrogate.com to learn more.
