Wills, Wealth, and Race
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The Wharton School::Wharton Pension Research Council::Wharton Pension Research Council Working Papers
Degree type
Discipline
Economics
Subject
inheritance
wealth inequality
bequests
retirement security
financial wellbeing
wealth inequality
bequests
retirement security
financial wellbeing
Funder
Grant number
Copyright date
2023
Distributor
Related resources
Author
Aubry, Jean-Pierre
Contributor
Munnell, Alicia H.
Wettstein, Gal
Abstract
Racial gaps in inheritances are likely to exacerbate racial disparities in retirement wealth. One reason that Black and Hispanic decedents are less likely to pass down meaningful estates is that they are far less likely to have a will than non-Hispanic Whites. This study documents racial gaps in receiving an inheritance, in the likelihood of having a will, and in the expectation of leaving significant bequests. It then analyzes the relationship between bequest expectations and realized bequests. We conclude that Black and Hispanic decedents and those who die without a will are less likely to achieve their bequest expectations.
Advisor
Date Range for Data Collection (Start Date)
Date Range for Data Collection (End Date)
Digital Object Identifier
Series name and number
WP2023-16
Publication date
2023-06