Issue link: https://nebusinessmedia.uberflip.com/i/1522579
V O L . X X X N O. X V § 2 J U LY 8 , 2 0 2 4 6 T he United States is in the midst of the great- est wealth transfer in history. Over the next two decades, an estimated $84 tril- lion will be passed down from baby boomers to family members, chari- ties and trusts. The wealth transfer not only affects those directly leaving or receiving assets, but it is also a fac- tor in the overall economy, says Gary Bergeron, executive director and a family wealth advisor at the Break- water Group at Morgan Stanley. "ere is an unprecedented trans- fer of wealth occurring in the next few decades. e public should be aware of this transfer because it impacts many areas of people's lives where life intersects money," he says. According to Bergeron, the upcoming wave of wealth transfers will go smoothly for well-planned estates, but others may be bogged down in legal work for years due to family bickering and inefficiencies. Heirs may also not be prepared for the life-changing impact inheri- tances could have on them. "As I share with clients often, you would never put a first-time driver behind the wheel of a new Ferrari without any training or conversation — there would simply be too much risk," Bergeron says. "In the same vein, you would never want to leave an untrained, unprepared person in charge of a large company or mil- lions of dollars." Estate planning Despite the surmounting wealth transfer on the horizon, studies reveal that more than half of Amer- icans do not have a will or an estate plan. Whether a multimillion-dol- lar company or the well-earned life savings of middle-class grandpar- ents, estate plans are key to ensur- ing assets and control go directly to those designated by the testator, or person writing a will. "Working with a professional to develop a clear, legal, and written plan is the only way you can control what happens to your affairs after you pass," Bergeron says. "In many cases, it also allows a client's affairs to be settled with efficiency. You can, of course, die without a will. Your estate will eventually be placed with fam- ily, but only after the court reviews all the details of your situation and directs which assets should be passed on to which family members." C O N T I N U E D O N PA G E 8 » Where there is a will, there is a way Don't forget to write out your intentions B y S l o a n e M . P e r r o n