Gen Z expect to inherit money and assets-but their boomer parents aren't planning on leaving anything behind | Fortune

"Millennial and Gen Z heirs are eagerly anticipating a $124 trillion 'Great Wealth Transfer' as they inherit their parents' wealth—however, many are set to be disappointed as just one-fifth of baby boomers expect to leave anything behind. Financial services company Northwestern Mutual surveyed more than 4,500 adults and found only a select few can expect a windfall of cash when their parents pass away."

"Today, more than half of America's wealth belongs to baby boomers, with most of it tied to their real estate as they hold off downsizing. It's perhaps why more than half of Gen Zers and nearly 60% of millennials reported that they're depending on their inheritance to achieve financial security and retire in comfort. However, those sizing up their parents' (or grandparents') property and envisioning a relaxed retirement are in for a huge shock: Little over 20% of baby boomers expect to leave an inheritance."

"It's not that the generation has forgotten about their young loved ones. In fact, 60% do have a will in place—but their children and grandchildren are more likely to find funeral instruction in it than cash or the deed to their family home. That's because over half of the boomers surveyed are explicitly planning not to leave an inheritance behind. What's more, only 11% of boomers said leaving something for the kids is their top financial goal."

More than half of America's wealth is held by baby boomers, much of it tied to real estate as they delay downsizing. Northwestern Mutual surveyed over 4,500 adults and found only a small portion of heirs can expect cash windfalls. Little over 20% of baby boomers expect to leave an inheritance, and over half explicitly plan not to leave assets behind. Sixty percent of boomers have wills, but those documents often contain funeral instructions rather than cash or property bequests. Many millennials and Gen Z report depending on inheritance for financial security, creating a potential shortfall. Some boomers prefer spending wealth while alive, aiming to "die with zero."

Read at Fortune