
The Great Wealth Transfer: What It Means for Probate Administration Over the Next 20 Years
The United States is on the brink of the largest generational wealth transfer in history. Over the next two decades, trillions of dollars in assets will shift from Baby Boomers to their heirs. While this transition presents significant financial opportunities for the next generation, it also brings challenges—especially when it comes to probate administration.
Based on our experience, we anticipate that the Great Wealth Transfer will reshape the probate process in several key ways. Here’s what you need to know.
More Estates Will Go Through Probate
Many people assume their assets will automatically pass to their loved ones without issue. However, without proper estate planning, these assets must go through the probate process—a court-supervised procedure for settling an estate. As more individuals inherit property, investments, and family businesses, probate courts will see a sharp increase in filings. This means potential delays and increased complexity in administering estates.
Real Property Will Dominate Probate Cases
Unlike previous generations who may have passed down cash or liquid investments, many Baby Boomers hold their wealth in real estate. Whether it’s the family home, vacation properties, or rental investments, these assets often require legal transfer through probate. Additionally, heirs may face tough decisions about whether to sell, maintain, or rent inherited properties. Disputes over real property are already common in probate litigation, and we expect these conflicts to become even more prevalent.
More Contested Estates and Litigation
With so much wealth in motion, we anticipate an increase in contested probate cases. Disputes over inheritances, allegations of undue influence, and challenges to estate administration will likely rise. Families that have avoided discussing their estate plans may face conflicts when heirs have differing expectations.
At The Probate Law Center, we have already seen an increase in disputes involving blended families, second marriages, and unclear estate documents. If a will or trust is outdated, ambiguous, or improperly executed, litigation may be necessary to resolve competing claims.
Longer Probate Timelines and Heavier Court Backlogs
With more estates entering the probate system, courts will experience heavier caseloads. This could lead to longer wait times for hearings, delays in estate distributions, and increased legal expenses for families navigating probate. Working with an experienced probate attorney can help streamline the process and avoid unnecessary setbacks.
The Importance of Estate Administration Guidance
For many heirs, inheriting an estate will be their first experience dealing with probate. Understanding legal obligations, filing deadlines, and court requirements can be overwhelming. Personal representatives and executors have significant responsibilities, including notifying creditors, managing estate assets, filing tax returns, and distributing inheritances according to the law. Failing to meet these duties can lead to legal disputes or even personal liability.
How The Probate Law Center Can Help
At The Probate Law Center, we guide families through every step of the probate process, from opening the estate to final distribution. Whether you are a personal representative handling an estate, an heir with questions about your inheritance, or facing a contested probate matter, our experienced team is here to help.
If you have recently inherited property or expect to be involved in probate in the coming years, now is the time to prepare. Contact The Probate Law Center to discuss your situation and learn how we can assist you in navigating probate with confidence.
Legal Disclaimer: This blog post is for informational purposes only and does not constitute legal advice. Every probate case is unique, and you should consult with a qualified probate attorney for guidance specific to your situation.