For too many Black families in New York City, inheriting a home does not lead to sustained homeownership. Deed theft, predatory lending, and expensive entanglements with tax liens and other inherited debts are major obstacles to the safe transfer of homes across generations. In our research, we have found that estate planning resources are underutilized by many Black homeowners for a variety of reasons including the lack of affordable services, distrust of the legal system, and a lack of education on the necessity of estate planning. Too many Black homeowners only encounter estate planning when they are in crisis.
Investment in estate planning for LMI homeowners has never been a priority. Some homeowners fall into a gap — too house-rich to qualify for support, but too income-limited to be able to afford proactive legal representation. Pro bono estate planning services have generally been an overlooked area for homeowners, who are generally assumed to have the resources to hire private lawyers.
"Generation 2 Generation" Estate Planning would seek to preserve and grow intergenerational wealth in Black households by enhancing awareness of the importance of estate planning and increasing pro bono estate planning services for low-income homeowners. The program would increase proactive estate planning among Black homeowners in target neighborhoods through community engagement and service provision partnerships with local organizations.
Community engagement would be designed to be inclusive of New York City's different Black communities. Outreach will also leverage existing partnerships with government agencies to embed estate planning information in communications.
A community education campaign could focus attention on the need for proactive estate planning, and the program would also bolster existing resources and produce workshops on drafting wills and creating trusts and estates as well as provide individualized legal consultations for LMI homeowners. The program would fund nonprofit partners who provide estate planning to enhance their capacity and the impact of their services, while sharing best practices across a network of providers.
Estate planning is a sensitive topic and one that many families would rather avoid than take on in a proactive way. Consequently, increasing the up-take of estate planning services will require consideration of
There is a history of neighborhood-based efforts to promote estate planning in some parts of the city. Learning from their successes and the obstacles they faced would help produce the most effective program possible.
