Over the next two decades, an unprecedented amount of money, property, and investments will change hands in what experts call The Great Wealth Transfer. Trillions of dollars are expected to pass from Baby Boomers to younger generations—primarily Millennials and Gen Z.
For those inheriting wealth, the idea of estate planning might feel like something to worry about later in life. But waiting can lead to confusion, conflict, and costly mistakes. Estate planning is no longer something reserved for retirees—it’s a vital step for younger generations navigating this massive financial shift.
The Great Wealth Transfer: Why Estate Planning Matters for Millennials & Gen Z
1. Inheritances Are Already Happening
Many Millennials and even some Gen Z adults are beginning to receive assets from parents or grandparents. Without proper planning, those assets can be mismanaged, exposed to unnecessary taxes, or lost in probate.
2. Protecting Young Families
Younger generations are in prime stages of life—starting families, buying homes, and building careers. Estate planning ensures children have guardians, spouses are protected, and homes or businesses are not tied up in red tape if something unexpected happens.
3. Rising Costs of Delay
Every year estate planning is delayed, risks grow. Without a will or trust, state laws—not your wishes—decide what happens to your assets. This can lead to:
- Family disputes
- Long, costly probate processes
- Assets going to unintended heirs
- Increased taxes and fees
4. Digital Assets Need Protection Too
Millennials and Gen Z own more digital assets—cryptocurrency, online businesses, social media accounts, digital intellectual property—than any generation before. Without clear instructions in an estate plan, these assets may be lost forever.
The Emotional Side of Inheriting Wealth
Inheriting from parents or grandparents is not just a financial event—it’s an emotional one. Wealth is tied to family history, memories, and sacrifices. For many Millennials and Gen Z, receiving assets is a bittersweet moment: grief over losing loved ones paired with the responsibility of managing what they’ve left behind.
Without a plan, these emotions can become overwhelming and even lead to family disputes. A thoughtful estate plan acknowledges the emotional weight of inheritance while helping to preserve harmony among siblings, spouses, and extended family.
Planning ahead ensures that legacies are honored, and loved ones are spared unnecessary stress during an already difficult time.
Myths That Keep Younger Generations From Planning
“I’m too young for a will or trust.”
Accidents, illness, or sudden events don’t wait until retirement age. Planning early is key.
“I don’t have enough assets to bother.”
Even modest estates need protection, especially if you have dependents or own property.
“Estate planning is just for the wealthy.”
Estate planning is about control, security, and peace of mind—not just millions in assets.
What Estate Planning Provides Millennials & Gen Z
An estate plan can include:
- Wills and Trusts – Decide who receives what, and how.
- Powers of Attorney – Ensure someone you trust can handle financial or medical decisions if you cannot.
- Guardianship Provisions – Protect your children with a plan for who raises them if needed.
- Digital Asset Instructions – Secure your online accounts, businesses, and digital wealth.
- Tax and Probate Planning – Keep more wealth in your family, not in government fees.
A Proactive Approach to the Great Wealth Transfer
This wealth shift isn’t just about inheriting—it’s about managing and protecting what comes next. Many Millennials have already spent the past decade building families, buying homes, and investing for the future. Gen Z is now beginning to follow in those footsteps.
With the Great Wealth Transfer underway, estate planning isn’t a responsibility for “someday”—it’s a responsibility for today.
Taking Responsibility in the Great Wealth Transfer
The Great Wealth Transfer presents an opportunity—but also an obligation. Younger generations are not just recipients of wealth; they are stewards of it. With proper estate planning, Millennials and Gen Z can:
- Protect their children and families from uncertainty
- Preserve wealth across multiple generations
- Ensure charitable giving or personal values are reflected in how assets are managed
- Avoid costly mistakes that diminish what loved ones worked so hard to build
Responsible estate planning isn’t just about money—it’s about leadership, foresight, and respect for both past and future generations.
Don’t Wait for Tomorrow
At Ozarks Legacy Law, we’ve seen how delaying estate planning can lead to confusion and heartache. But we’ve also seen the peace of mind it brings to families who plan ahead.
With more than 50 years of combined experience, our attorneys are here to help Millennials and Gen Z prepare for the future—efficiently, clearly, and with compassion.
Take Control of Your Future Today
The Great Wealth Transfer is happening now. Whether you’re just starting out, raising a family, or preparing to receive an inheritance, estate planning is the smartest step you can take.
Contact Ozarks Legacy Law today for your free planning session. Let’s build a plan that protects you and your loved ones.
