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How can I prepare for the ‘Great Wealth Transfer’?
The so-called Great Wealth Transfer — a passing down of money from baby boomers to their Gen X, millennial and Gen Z heirs — is expected to take place slowly over the next two decades.
So, what do you need to do to get ready? Probably not much — at least not yet.
First of all, not everyone will receive a large inheritance. Given the unequal distribution of wealth, a select few will receive a bigger piece of this particular pie.
Even those who receive assets after a family member’s death may not see a substantial windfall. Financial advisors often advise against spending money before receiving an inheritance, because you never know if you’ll actually get what you're expecting.
If you are among those who can reasonably count on a sizable inheritance, then it’s worth considering what you might want to do with it. Would you add to savings? Pay off debt? Take a meaningful trip? Fund education accounts?
Most financial professionals warn against rash decisions after receiving an inheritance, especially because you may be grieving. Spend time brainstorming different possible uses for the money — including what the loved one who gave it to you would have wanted.
It’s also worth factoring in potential taxes and other financial implications. Consider keeping the money in a high-yield online savings account so it continues to grow while you decide how to use it. The experience might encourage you to start your own estate planning, too.
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