Dear Black people, it’s not only for the rich.

The Hip-Hop community has been hit by the death of legendary rapper Earl Simmons, famously known as DMX. Watching his funeral on Saturday brought me to tears. As a black man, I smiled while listening to his children express their love and pain for their father; it was evident that he took care of his responsibilities.

As a financial advisor, I could not help but wonder if and how his 15 children will be financially taken care of. Did he have a will in place, an estate plan, life insurance? Did he own his masters? Anything?

It was during this time that Swizz Beats took to the stage with DMX’s casket behind him and said, “I need everyone in here to do a Will.” Wow! It baffled my mind that even at that level African-Americans do not implement basic estate planning. The need for estate planning and risk management for African-Americans is overwhelming.

More often than not, the argument is usually “that’s for rich people.” Little do we know that it is not. Black families have overcome enough pain and trauma to then drop the ball on the step that can ensure their families live on in peace and security. Nearly 70% of African-American families do not have an estate plan or will in place. We as a people need to start thinking of the generations after us.

Many of us think of estate planning as what happens to my assets when we die. What about when you’re incapacitated? Who do you want to make major medical decisions on your behalf? Who do you want to have access to your bank accounts or even your social media accounts? If you die intestate (without a will), not only will the probate costs devour your assets, but the state in which you live will decide who gets your estate and how much. We haven’t even touched on the potential tax implications surrounding the lack of estate planning. Understanding the types of risk management such as Survivorship Life insurance can potentially release you of any tax burdens relating to your beneficiaries inheritance.

There was a time when we were the asset, now we have assets. Let’s do better and protect our assets while building generational wealth.