How much could will-writing reduce the racial wealth gap?

Abstract

The brief's key findings are: (1) 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. (2) 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. (3) The analysis explored how much equalizing will-writing rates between Black and White households could narrow the wealth gap. (4) 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.