Huge $84 Trillion Wealth Transfer Coming: Why You Need a Will Now! (2025)

A staggering wealth transfer of $84.4 trillion is expected over the next three decades as American retirees pass away, but only 24% of Americans have a will, according to Caring.com. This disconnect between a lack of preparedness and the reality of grieving families facing expensive legal battles and broken relationships is a serious concern. Estate planning lawyers, like Michael Zahrt, highlight the superstition that people have about avoiding discussions on estate planning, fearing they might bring about their own demise. This reluctance carries real-life consequences, as families can spend months or years entangled in costly, bitter probate battles over funeral arrangements and property distribution. Middle-class families, in particular, have the most to lose when someone dies without a plan, as intestacy laws often split assets between the surviving spouse and children, creating complex scenarios for families with young kids. The high cost of doing nothing is evident, as online software cannot replace the expertise of an estate planning attorney. The key documents needed in an estate plan include a last will and testament, financial power of attorney, healthcare proxy or patient advocate designation, living will, trust (when appropriate), and disposition of remains form. These documents ensure that your assets are distributed according to your wishes, guardians are named for minor children, and medical decisions are made by someone you trust. The biggest hurdle is the emotional toll of facing and discussing mortality with family members, but estate planning is crucial to avoid hurt feelings and court battles. Reviewing your estate plan regularly, every four years or after major life events, is essential to ensure your wishes are up-to-date.

Huge $84 Trillion Wealth Transfer Coming: Why You Need a Will Now! (2025)
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