We spend a lot of time talking about building generational wealth.
Buy the house. Save money. Invest in the 401(k). Fund the Roth IRA. Get life insurance. Start a business. Pay down debt. Build assets. Leave your children and grandchildren better financially than you started.
But there’s another side of wealth building we don’t discuss nearly enough:
What happens to everything you built when you die?
According to Caring.com’s 2025 Wills and Estate Planning Study, only 24 percent of American adults reported having a will. Translation: roughly three out of four adults don’t have one. That’s mind-blowing!
We’re constantly talking about generational wealth while many families haven’t completed the paperwork necessary to successfully transfer that wealth.
And one of the biggest reasons? “I’ll get around to it.” Some never do.
Building Wealth Is Only
Half the Assignment
Here’s how I want you to think about wealth:
BUILD IT. PROTECT IT.
TRANSFER IT.
Those are three different jobs.
You can spend 30 or 40 years building assets and still leave your family with confusion, arguments, legal expenses and court proceedings because you never finished your estate plan.
People commonly say, “If you die without a will, the state gets everything.”
That’s not exactly true.
When someone dies without a valid will, they die intestate. State intestacy laws generally determine how probate property is distributed among surviving relatives.
Translation: You didn’t make the plan, so state law supplies one for you.
The government doesn’t normally scoop up everything you own. But state law determines the pecking order.
The law doesn’t know your family dynamics. It doesn’t know who cared for you. It doesn’t know about the grandchild you raised, your longtime unmarried partner or what you verbally promised someone. The law follows the law. Your intentions need to be documented.
A Will Is the Floor—Not the Ceiling
Another misconception is: “I got a will. I’m good.” Not necessarily.
A will is important, but it does not automatically avoid probate. It generally provides instructions for how probate assets should be handled.
Certain assets can transfer outside your will entirely.
Retirement accounts, life insurance and some bank and investment accounts can pass according to their beneficiary designations.
Imagine getting divorced, remarrying years later and forgetting your former spouse is still listed on an old retirement account or insurance policy. Now we’ve got a mess! That’s why estate planning isn’t simply a document.
It’s a system.
Your will, beneficiaries, account ownership, powers of attorney, insurance and any trusts should work together.
Estate Planning Ain’t
Just for Rich People
Some people hear “estate planning” and picture somebody with $20 million, three vacation homes and a yacht. Stop it!
If you own a home, have retirement money, life insurance, a business, children, grandchildren, bank accounts or simply care about who handles your affairs if you become incapacitated— YOU HAVE AN ESTATE.
For most families, estate planning isn’t primarily about avoiding federal estate taxes. It’s about control and protection.
Who gets your assets?
Who manages your finances if you can’t?
Who makes health care decisions if you cannot speak for yourself?
Who cares for your minor children?
Where are your important documents?
Those questions matter whether your net worth is $50,000 or $5 million.
We’re Talking About Trillions
This is becoming increasingly important because America is experiencing one of the largest intergenerational wealth transfers in history.
Cerulli Associates estimates approximately $124 TRILLION will transfer through 2048, with about $105 trillion expected to eventually pass to heirs and roughly $18 trillion to charities.
That’s houses, land, businesses, retirement accounts, investments, cash and insurance proceeds.
The question isn’t simply how much wealth will transfer. It’s how much will successfully reach the intended people?
Generational wealth isn’t just about accumulating assets. It’s about successfully transferring them.
This Hits Black
Families Differently
The estate-planning gap deserves particular attention in the Black community.
It’s worse in our community. Consumer Reports found 77 percent of Black adults and 82 percent of Hispanic adults have no will, compared to 61 percent of White adults.
That matters because real estate has historically been a major source of family wealth.
When property passes through generations without clear planning, families can end up with heirs’ property—real estate collectively owned by multiple descendants.
Now several children, grandchildren and cousins own fractional interests.
One wants Grandma’s house.
Another wants cash.
Someone isn’t paying taxes.
Another relative can’t be found.
What was supposed to represent generational wealth becomes a generational headache.
Ownership without an orderly transfer plan can become fragile ownership.
Your Estate Plan Needs More Than a Will
Most adults should consider several pieces of estate planning.
A properly executed will identifies beneficiaries, names someone to administer your estate and allows parents to nominate guardians for minor children.
A durable financial power of attorney identifies someone who can manage financial affairs if you become incapacitated.
Health care directives and medical powers of attorney document your wishes and identify who can make medical decisions when you cannot.
Then review your beneficiary designations.
Check your 401(k).
Check your IRA.
Check your life insurance.
Check your annuities.
Review payable-on-death and transfer-on-death accounts where available.
Make sure the people listed today are still the people you want receiving your money tomorrow.
Depending on your assets and circumstances, an estate-planning attorney might recommend a revocable living trust or other strategies. Trusts aren’t necessary for everybody.
Procrastination Can Become Expensive
People procrastinate because talking about death is uncomfortable. Some think they don’t own enough. Others assume estate planning is complicated or expensive.
Meanwhile, life keeps moving. People marry. Divorce. Remarry. Have children. Lose loved ones. Buy houses. Build businesses. Accumulate retirement money.
And beneficiary forms sit untouched for 20 years. That’s how financial messes are created.
Finish What You Started
If you’ve spent your life working, saving, investing and sacrificing to build something for your family, don’t stop one yard short of the goal line.
Create your estate plan. Review beneficiaries. Organize financial records. Talk with your family. Meet with a qualified estate-planning attorney when appropriate.
Then review your plan after marriage, divorce, births, deaths, major asset changes or moving to another state.
Death is uncomfortable to discuss.
But avoiding the conversation doesn’t avoid the reality.
You worked too hard building your wealth to leave your family guessing about what happens to it.
Don’t just build wealth.
Protect it. Transfer it intentionally.
Because your financial plan isn’t finished until your legacy plan is finished.
(Damon Carr, Money Coach & Tax Pro can be reached at 412-216-1013 or visit his website at www.damonmoneycoach.com)
Helping you flip your finances from stressed to blessed—one smart decision at a time.