Wealth is about to move in amounts the world has never seen. Economists call it the “Great Wealth Transfer,” and it is already underway. Baby Boomers and the Silent Generation are set to pass an estimated $84 trillion to younger generations by 2048. The bulk of it will go to heirs, and a smaller portion will head to charities. For millennials, this could be life-changing.

But there is one big problem: Most aren’t ready to handle it yet!

About $72 trillion will land directly in the pockets of family members. Another $12 trillion will flow into nonprofit causes. By the time this shift is done, millennials are on track to be the richest generation in history. That sounds like a golden ticket, but research shows many will struggle to manage what is coming.

The Unequal Flow of Wealth

Not everyone will see the benefits of this historic shift. The top 2% of households, those with at least $10 million in net worth, will control almost half of all transferred wealth. Gen X will catch the first wave of inheritances. But by 2039, millennials will overtake them as the primary beneficiaries.

Olly / Pexels / Nearly half of millennials don’t own their current home, and rising prices mean that dream is out of reach without a financial boost from family.

The biggest winners in this transfer are concentrated in wealthy families. But even those expecting smaller inheritances could still see life-changing sums. The catch is that wealth without a plan often slips away faster than it arrives.

What This Wealth Transfer Will Look Like?

The wealth transfer isn’t just about cash. Baby Boomers have built portfolios over decades that span different types of assets. On average, their 401(k) accounts hold over $242,000. They also own more than a third of all U.S. homes, including the majority of vacation properties.

Some will inherit businesses, with privately held companies owned by Boomers valued at nearly $8 trillion.

There is also a growing trend toward giving while living. Many older Americans are choosing to gift assets before passing away. It is a way to see the impact of their generosity, but it also means heirs may need to start managing sudden increases in wealth sooner than expected.

Phyllis / Pexels / 72% of Americans say they are not confident in handling a major financial windfall. Even among those who expect to inherit, less than half feel equipped to manage it.

More than half of millennials expecting an inheritance don’t have a will or trust in place. That is a risky move when large sums are on the horizon.

The lack of preparation isn’t just about legal documents. It is also about understanding how to protect and grow wealth. Without a plan, sudden money often fuels short-term spending rather than long-term stability. The risk of blowing through it is real.

However, a big part of the problem is silence. Nearly two-thirds of wealthy families haven’t shared details about their estate plans with their heirs. This leaves many millennials guessing about what they might receive or assuming far more than they will actually get.

Interestingly, more millennials expect to inherit money than their parents plan to leave. This mismatch in expectations could lead to disappointment and poor financial decisions.