New data reveals emotional and financial hurdles disrupting the $124 trillion wealth transfer already in motion

Empathy, the technology company transforming how the world plans for and navigates life’s hardest moments, today released The Hidden Barriers to the Great Wealth Transfer Report. This new research examines how families and financial advisors are preparing for the largest transfer of wealth in history. Approximately $124 trillion in global wealth is expected to change hands by 2048, yet Empathy’s research reveals most families are unprepared for the transition. Only 28% of families say they expect wealth transfers to happen smoothly, while 53% anticipate problems, delays, or conflict.

Nearly 60% of families expect wealth transfers to occur within the next decade, but despite the scale and proximity of the transfer, the study finds many households lack the knowledge, financial plans or legal documentation necessary to protect and pass on wealth.

“What this research found is what we often think of as future risks are shaping what families are able to pass on right now,” said Ron Gura, Co‑Founder and CEO of Empathy. “More than 9 out of 10 families told us that present‑day challenges are eroding their ability to transfer wealth. Rising costs are shrinking what can realistically be passed on, emotional strain is delaying important conversations, and financial pressures are forcing trade‑offs between today and tomorrow. The Great Wealth Transfer is no longer about planning, it’s about how we respond to the emotional, structural, and financial changes unfolding right now.”

Key Findings From The Report
The research surfaces several critical barriers blocking families from effectively preparing for their intergenerational wealth transfer:

Many families lack the documents required for a smooth transition

• Less than one-third of families have formal estate plans (31%) or financial plans (30%) in place.
• More than half (53%) say existing estate documents are incomplete, outdated, or simply unfindable.
• Over 1 in 4 simply rely on informal or verbal plans, which offer no legal protection and are not formally documented anywhere.

Knowledge gaps threaten planning outcomes across generations and genders

• 60% operate with fragmented or no knowledge of their family’s financial plans.
• Women are 2–3x more likely than men to be unaware of or uninvolved in their family's financial and legacy plans.

Emotional challenges and process ambiguity further prevent planning

• More than half (57%) of families highlight emotional overwhelm and discomfort as well as strained family dynamics as key challenges that prevent legacy conversations from happening or progressing.
• More than 4 in 10 cite ambiguity around roles, timings and how to actually move planning forward as barriers that stall and derail execution.

The transfer is closer than many realize

• 1 in 5 families say wealth transfers are already in motion.
• Nearly 60% of families expect wealth transfers within the next decade, with an average timeline of just seven years.
• However, 83% of advisors believe fewer than half of their clients will experience a wealth transfer event — signaling a significant gap compared to family timelines.

Why the Wealth Transfer Is at Risk
Beyond gaps in planning and documentation, the research surfaces a more troubling reality: present-day financial pressures are actively eroding wealth before it can be transferred. Ninety-three percent of families say challenges like retirement savings gaps, housing affordability, healthcare costs, and caregiving burdens are directly impacting their wealth transfer plans — whether by reducing what can realistically be passed on (28%), forcing trade-offs between current needs and future legacy (25%), or increasing emotional avoidance that delays planning altogether (24%). These pressures aren't just competing for attention. They're reshaping what the next generation will actually inherit.

At the same time, priorities are shifting. More than 70% of families say they prioritize present-oriented or balanced living over maximizing wealth for future generations, underscoring how evolving values and economic pressures are reshaping how families approach legacy planning.

Financial advisors are navigating their clients readiness challenges. While 97% of advisors say they are familiar with the impending wealth transfer, 56% cite challenges such as client’s incomplete estate plans, client avoidance of planning conversations, and complex family dynamics that impeded preparedness.

Technology Reshaping Estate Planning
As these gaps widen, technology and digital planning tools are becoming increasingly important in helping families prepare for wealth transfer.

The research finds 71% of consumers already use at least one digital tool for financial or estate planning, from budget planners and financial planning platforms to digital vaults and estate planning tools. 96% of families who use digital planning tools report tangible value, including reduced stress, increased confidence, improved organization, and better family communication.

Solutions like Empathy’s LifeVault, a secure digital vault designed to help families organize and safeguard essential estate and financial documents, reflect a broader shift toward technology-enabled planning that helps families prepare for complex life transitions. For advisors, LifeVault offers the capability to educate, guide and support clients through every step of completing their estate plans, reviewing document status, helping them finalize requirements like notarization, and mapping financial assets within the platform. This visibility gives advisors the insight they need to engage beneficiaries, helping them easily find key paperwork and organized assets for a smooth transfer.

To read the full report and its findings, visit empathy.com/resources/research/great-wealth-transfer.

ABOUT EMPATHY
Empathy is a leading technology company transforming the way people plan for and navigate life’s toughest moments. Serving tens of millions of policyholders across North America and the UK, Empathy partners with eight of the top ten U.S. life insurance carriers and supports financial institutions globally. With $162 million in funding from top-tier venture firms including Index Ventures, General Catalyst, and Adams Street Partners, Empathy combines technological innovation with compassion to provide unparalleled support for estate management, legacy planning, bereavement, disability and more. Recognized by Apple, Google Play, Fast Company and others, Empathy is redefining the standard for modern family care. Learn more at empathy.com

ABOUT THE HIDDEN BARRIERS TO THE GREAT WEALTH TRANSFER SURVEY
Empathy’s report, The Hidden Barriers to the Great Wealth Transfer, was developed in partnership with Censuswide. The findings are based on a large-scale, dual-audience research study conducted between January 29 and February 9, 2026, using anonymous responses from adults across the United States, Canada, and the United Kingdom. The first survey collected responses from 6,001 consumers aged 35 and over who expect to either transfer or receive wealth within their lifetime. The second survey collected responses from 555 licensed financial advisors actively managing client wealth, including estate and legacy planning services. Both surveys were administered online to nationally representative, equally sized samples.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260319801472/en/

Nearly 60% of families expect wealth transfers to occur within the next decade, but despite the scale and proximity of the transfer, the study finds many households lack the knowledge, financial plans or legal documentation necessary to pass on wealth.