$124 trillion will change hands globally in coming decades. Missing wills could divert a real estate fortune into family feuds and speculator profits.

The Big Picture The largest wealth transfer in human history faces a surprisingly mundane obstacle: the absence of basic legal paperwork. While analysts project epic capital movements, a silent crisis undermines this generational transition's foundation. This isn't about market volatility or bad investments, but neglected estate planning that turns family assets into legal battlegrounds.

Housing experts convened at the Urban Institute warn that while 26 states have passed Partition of Heirs Property Acts, education about the problem remains insufficient. The scale defies imagination: in U.S. property alone, at least $2.4 trillion could flow to millennials and Gen Z in the next decade, with another $25 trillion potentially headed toward real estate. That's before considering the tens of trillions in property belonging to people without direct heirs.

“"The lack of wills just absolutely sends the family into the wood chipper," says Ryan Thomson, associate professor at Auburn University.”

Why It Matters Inheritance disputes consume monumental legal resources, like the ongoing fight over Sol Golman's New York real estate fortune. But the problem extends beyond costly litigation. When owners die intestate, properties typically default to "tenancy in common," where heirs receive equal interests. This change eliminates homestead exemptions and creates unexpected tax obligations that quickly pile up.

The U.S. Forestry Service estimates $42 billion in property, across up to 5.3 million acres, could belong to heirs in just 11 Southern and Appalachian states. Fannie Mae's Housing Assistance Council puts the nationwide figure at $32 billion, counting only property with assessed value. What was once considered a rural issue now hits urban centers: Boston College found 10,400 properties worth $1.1 billion in dispute in Philadelphia and 5,500 worth $268 million in Detroit.

This is where "predatory" investors enter, according to Thomson. They acquire small shares from one family member, then petition for forced sales at prices far below actual value. The irony is bitter: families who should receive financial stability instead lose generational wealth, while speculators capitalize on their disorganization. Thomson notes that more research on the topic is stymied because these same actors use the information to target vulnerable communities.

The Bottom Line Watch how states implement Partition of Heirs Property Acts, but more importantly: whether estate planning education reaches families before litigation attorneys do. The next decade will determine whether $124 trillion builds legacies or fuels disputes.