Over $105 trillion is expected to transfer between generations in the U.S. over the next 25 years. Yet only 24% of Americans currently have a will. Estate planning is not a conversation reserved for the wealthy or the elderly. It’s for everyone, and the right version of that conversation looks different depending on where you are in life.
Here is what each generation should be thinking about right now.
Gen Z (Born 1997–2012) | Start Simple, Start Now
Estate planning may feel irrelevant at 22, but the foundation starts earlier than most people think. Surprisingly, 33% of Gen Z already have some form of estate plan, making them more prepared than many older cohorts. The priorities at this stage are straightforward: designate beneficiaries on any retirement accounts or life insurance policies, establish a healthcare proxy and power of attorney, and document your digital assets. If something happens to you, someone needs legal authority to act on your behalf. Without these documents in place, they won’t have it.
Younger Millennials (Born 1990–1996) | Life Is Getting Complicated
With marriage, children, a first home and student debt, this is the stage where financial complexity compounds quickly. And yet, 62% of Millennials still don’t have a will or trust. More than half don’t know what would happen to their assets if they died without a plan. This is the moment to create a will, establish guardianship designations for children, review life insurance coverage, and update beneficiaries after any major life event. Your estate plan should reflect your life as it is now, not as it was when you opened your first bank account.
Older Millennials (Born 1981–1989): The Sandwich Generation Squeeze
Similar to Gen X, Older Millennials are increasingly caught between raising children and caring for aging parents, and many are beginning to think about inheritance from both directions. 74% of Millennials say passing down wealth is important to them, yet 34% don’t even know if their own parents have an estate plan. This is the generation that needs to be having conversations in both directions: with aging parents about their wishes and documents, and with a financial professional about building their own legacy. Trusts, tax-efficient wealth transfer strategies, and long-term care planning for parents all belong in this conversation.
Gen X (Born 1965–1980): The Most Overlooked Generation
Gen X is in prime estate planning territory and many are falling short. 61% of Gen Xers don’t have a will, and only 33% currently work with a financial advisor. At this stage, the plan needs to be comprehensive: wills, trusts, powers of attorney, healthcare directives, beneficiary reviews, and a clear strategy for transferring wealth efficiently. Gen X also faces long-term care exposure, yet only 35% have planned financially for that possibility. The window to address these gaps is now, while there is still time to do it thoughtfully.
Baby Boomers (Born 1946–1964): Execute, Communicate, and Update
Boomers are at the center of the Great Wealth Transfer as they’re projected to pass down $84.4 trillion to heirs by 2045. The estate planning conversation at this stage is less about getting started and more about making sure everything is current, clearly documented, and communicated to the people who need to know. Review existing wills and trusts for outdated provisions. Confirm beneficiary designations across all accounts. Address long-term care funding. And have the conversation with your heirs. Only 60% of those who plan to leave an inheritance have discussed it with their families. That gap creates confusion, conflict, and costly mistakes when it matters most.
The Bottom Line
Estate planning is an ongoing process that evolves with your life. The right time to start, or revisit, yours is always now. A qualified financial professional can help you understand what documents you need, how to structure your assets, and how to make sure your wishes are protected. The conversation is easier than most people expect. The consequences of not having it are not.
