What is estate planning, and why is it important?

CHICAGO (WLS) -- Estate planning is key to building generational wealth.

But a survey by Caring.com found just around 30% of Black Americans have a will or estate plan.

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Without one, families may face probate court, which can take six months to three years and cost 3-7% of the estate's value, potentially draining thousands of dollars that could have gone to loved ones.

Attorney Katrice Matthews of Sable Law Group joined ABC7 on Monday night to talk about what estate planning is and why it is important.

Matthews also talked about her organization's "brunch and bequests" events, a unique way for people to get their estate planning done.