How Much Could Will-Writing Reduce the Racial Wealth Gap?

Jean-Pierre Aubry, Alicia H. Munnell, Gal Wettstein and Oliver Shih

Issues in Brief from Center for Retirement Research

Abstract: One reason for the persistence of the racial wealth gap could be that Black households are far less likely than their White counterparts to have a will. Having a will leads to larger bequests, and those who receive an inheritance are more likely to have more wealth and leave their own bequest.The analysis explored how much equalizing will-writing rates between Black and White households could narrow the wealth gap. The results show that eliminating the will-writing gap would have narrowed the wealth gap by – a modest but meaningful – 10 percent over three generations.

Pages: 9 pages
Date: 2024-11
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