The Great Wealth Transfer: Why Most Executors Are Not Ready to Do the Job

 

The Great Wealth Transfer: Why Most Executors Are Not Ready to Do the Job

You’ve probably seen the headlines about the "Great Wealth Transfer." Economists estimate that over the next two decades, tens of trillions of dollars will pass from Baby Boomers and the Silent Generation down to Gen X and Millennials.

It’s billed as the largest economic shift in human history.

But the news articles usually focus on big concepts like how Millennials will invest in AI or how the housing market will change. They are missing the messiest, most stressful reality of this entire process.

Who is actually moving that money?

It’s almost never a team of high-priced lawyers or a slick wealth management firm. When a will is written, an Executor is named to handle the estate. Usually, it’s:

The responsible oldest daughter.
The trustworthy younger brother.
The best friend of 40 years.

People pick those they love and trust. But here is the trillion-dollar problem: Most of these people are simply not ready to do the job.

The "Honor" That Feels Like a Burden

Being named an executor is often viewed as an honor, but the reality is a complicated, high-liability part-time job that you have to perform while you are actively grieving.

We are about to hand the most complex financial logistics of the century to millions of well-meaning individuals with zero experience. Most people will only be an executor once. They don't know about probate court filings, final tax returns, locating hidden digital assets, or mediating family disputes.

The Risks of Being Unprepared

When a well-meaning but unprepared family member takes on this role, the consequences are real:

Assets lose value because they aren't secured or sold in time.
Tax mistakes lead to penalties that eat into the inheritance.
Family relationships explode under the pressure of delays.
The process drags on for years, trapping wealth in legal limbo.

As this massive wave of wealth approaches, we need to stop just focusing on the "trillions" and start focusing on the mechanics. If we don't better prepare the everyday people tasked with executing these wills, the "Great Wealth Transfer" is going to become the "Great Family Headache."

 Let’s talk about it in the comments 

Have you ever served as an executor? Was it harder than you thought it would be? Or, have you named someone in your will who might not be ready for the job?

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