Constance Carter, the founder of California’s largest independent Black-owned real estate firm and bestselling author, put the spotlight on the basics that protect Black wealth: life insurance, wills, and living trusts. “Estate planning isn’t just paperwork. It’s survival. It’s power. And it’s how we make sure that our children inherit more than just debt,” Carter said during an appearance on Black Press USA’s Let It Be Known. She spoke about how Black families continue to build assets, yet often leave those assets exposed because planning is delayed or skipped. “We are already behind the eight ball when it comes to building wealth,” Carter said. “Historically, we were shut out of opportunities through redlining, predatory lending, and systemic barriers. Ninety percent of wealth in this country is passed intergenerationally, and 80 percent of that is through real estate. Yet while we are trying to get our piece of the pie, we are not planning to pass it on like other communities.”
Carter explained the difference between a will and a living trust, describing a will as instructions that can be contested in probate court. In contrast, a trust provides binding directives that transfer property clearly and efficiently. “A will is just instructions,” she said. “There’s a saying that a will, will be contested. With trust, these are the directives. This is your legally binding instrument to pass property generationally.” She called on families at every income level to act. Trusts can cost between $1,500 and $3,000, but the protection, she said, is worth it even if there is only one property. To make planning more accessible, she created a $25 eBook that walks through drafting a living trust, notarization, and state-by-state recording requirements. “I try to make it as simple as possible,” Carter said. “I see problems that Black people face, and I try to find solutions.”
For new families, Carter listed life insurance as the first step. “It is a sin before God for you to be having chicken dinners and GoFundMe accounts to bury your loved ones,” she said. “A good man leaves an inheritance for his children and his children’s children.” She added that avoiding conversations about death often leaves families divided. “Two things make people act funny: death and money,” Carter said. Without beneficiaries and directives, loved ones are left scrambling for account access and arguing over wishes that were never written down. Carter also described her work with the Net 7 Collective, a nationwide and international community of Black women building seven-figure net worths. “When you teach a man, you teach an individual. This is no diss to men, but when you teach a woman, you teach a nation,” she said. “Black women, you give us something, we are going to multiply it.” She dismissed predictions that Black household wealth could hit zero by 2053 if nothing changes. “They did F around and they gave us the internet. They gave us the internet, AI, and we have each other,” Carter said. “Nobody is coming to save us; we have got to be the ones. And the only way we can do it is together.”
