Why African-Americans Need a Trust

BY KIMBERLY SMITH

As an African-American broker salesperson, I’ve seen firsthand how crucial it is for us to protect our most valuable asset — our homes. Unfortunately, many in our community are unaware of the importance of estate planning, particularly the use of trusts. Without proper planning, your loved ones could face significant financial burdens, including the costly and time-consuming process of probate. 

Probate is the legal process that occurs after someone passes away, during which the court supervises the distribution of the deceased’s assets. While this process is intended to ensure that everything is handled fairly, it can take months or even years to complete. More importantly, probate can be incredibly expensive, often costing thousands of dollars in legal fees, court costs, and other expenses. This can significantly reduce the inheritance you intended to leave your loved ones. 

A trust offers a powerful solution to this problem. Unlike a will, a trust allows you to transfer your property directly to your beneficiaries without going through probate. This means that your heirs can receive their inheritance more quickly and with less financial strain. A trust also provides privacy, as the details of your estate will not become public record, unlike probate proceedings. 

For African-Americans, the importance of having a trust cannot be overstated. Historically, our community has faced numerous barriers to building and preserving wealth. By creating a trust, you can help ensure that your home and other assets are protected and passed on to the next generation without unnecessary complications. 

In conclusion, if you haven’t considered a trust as part of your estate planning, now is the time. Protect your family’s future and secure your legacy by taking this vital step. It’s not just about preserving wealth—it’s about ensuring that your loved ones are taken care of when you’re no longer here. 

If you have any additional questions or need a referral for a trust attorney, please let me know and I will refer you to a reputable trust attorney for a consultation. 

Homeownership is possible! Call Kimberly Smith, Broker Salesperson with King Realtor Group at (702) 291-7098 | www.kimberlysmith.realtor | NV.Lic. No. BS.146388