The United States is in the midst of one of the largest wealth transfers in history. With the Great Wealth Transfer underway, the latest figures from Cerulli (as of December 2024) show that $124 trillion will transfer through 2048, with $105 trillion going to heirs. Estate planning is no longer just for the wealthy—it’s something everyone with assets should consider. According to Jen Galvagna, Head of Trust, Estates and Tax at Bank of America Private Bank, and John Nebeker, a financial advisor and author of The Family Bank: The Key to Generational Wealth, having a clear plan in place is crucial for anyone looking to pass on wealth thoughtfully.

"When I start a class, I always ask, 'What happens to your assets if you die without a will or estate plan?' Almost always, someone answers, 'The state takes your property,'" Galvagna says. "But that's not true. The state simply decides where your assets go, and it may not be where you want them."

Without a proper estate plan, your assets will be distributed according to your state's intestacy laws, which may not reflect your wishes. Galvagna points to the case of musical legend Prince, who died without a will and left his estate tangled in a years-long legal battle.

"When you don't plan, others will decide where your assets go," she notes. "In Prince's case, his music and legacy were at risk, and ultimately, the distribution wasn't what he likely would have wanted."