According to estimates from research firm Cerulli, as much as $124 trillion will change hands through 2048, with younger generations, such as Gen X and Millennials, receiving inheritances from their Baby Boomer parents or grandparents.

With so much wealth set to pass among generations, it is crucial for everyone to be prepared for what’s to come. Whether you are starting to think about giving your wealth away, or are receiving an inheritance soon, here are several factors to consider and information on how we can help you through the process.

Preparing to Give Your Wealth Away

For older generations starting to think about how you will transfer your assets – regardless of your level of wealth – one of the first steps should be establishing your goals. There are many questions to consider at this early stage, including: 

• How will your assets be distributed – to family? Friends? Charity? A mix of different beneficiaries?
• If your assets are distributed to family, how many family members will you involve? For example, will you make gifts to both your children and grandchildren? Will any of their gifts be left in trust?
• How will you handle your non-financial assets, such as your vehicles, homes, collectibles or other items?
   

Once you have thought through the logistical questions of how you will transfer your wealth, you will want to make sure that your estate plan, including items like your will and the beneficiaries on your accounts, reflects those wishes. Up-to-date (and consistent) wills and beneficiary designations help to make sure your assets will be distributed as you intend, and without any complications or chance of your assets being held up in probate, a court process where a judge oversees what actions should be taken by your personal representative.

Communicating your plans and goals with your loved ones is important to minimize or eliminate confusion about what you intend to do with your wealth. In addition to preventing any surprises, it prepares your loved ones to receive an inheritance, putting them in a position to be successful stewards of your wealth. Giving your loved ones time to reflect and ask questions also puts them in a better position to succeed.

While the topics of wealth and death may be difficult for your family to discuss, they are important to address. Getting everyone on the same page is essential.

Your team at Bell Bank Wealth Management can help walk you through the important steps and considerations and will refer you to, and work closely with, your outside professionals (such as tax planners or lawyers), as needed.

Preparing to Receive an Inheritance

For younger generations, a major inheritance can be a significant, life-changing event. However, it can also be fraught with pitfalls if not handled properly. That is why it is important to understand what and how much you will be receiving, and what, if anything, you will be expected to do with it.

Putting the right team of professionals around you can help prepare you to successfully manage your inheritance into the future. For example, working closely with your wealth advisor will help you understand the impacts of your new wealth and develop a financial plan for managing it moving forward. Together, you can involve other experts to understand any tax or legal burdens that might be associated with your inheritance.

We Can Help!

If you are planning to share your wealth with your younger generations, or if you have been or will be on the receiving end of an inheritance, contact us today. We will help you incorporate wealth transfer into your family’s goals and reduce confusion about how to proceed.

This article was published in the Q3 2025 issue of the Bell Wealth newsletter.