$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.
