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When my mother died without a will, I learned a big lesson about money management as an African American

10 monthes ago   |   By Business Insider

My mother purchased her home on the south side of Chicago for $55,000 in 1986, the equivalent of $123,000 today.
When she died without a will, court fees and fines left our family with just $40,500 - a loss of over $80,000 on the purchase price of her house.
I realized that, because of our history, many African Americans haven't learned how to transfer wealth generationally by making an estate plan .
So, after my mother's death, my husband and I drafted an estate plan, which we review annually around my mother's birthday.
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