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

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Listed:
  • Jean-Pierre Aubry
  • Alicia H. Munnell
  • Gal Wettstein
  • Oliver Shih

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.

Suggested Citation

  • Jean-Pierre Aubry & Alicia H. Munnell & Gal Wettstein & Oliver Shih, 2024. "How Much Could Will-Writing Reduce the Racial Wealth Gap?," Issues in Brief ib2024-23, Center for Retirement Research.
    • Handle: RePEc:crr:issbrf:ib2024-23
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