How you manage an inheritance can change your life. We’ve all heard stories about individuals who passed away quietly after a life of frugality, keeping their estate plan a secret and leaving a fortune to their unsuspecting heirs. Or, alas, occasionally bequeathing their riches to a beloved pet.
In reality, inheritances are becoming more common due to the Great Wealth Transfer — boomers expecting to pass down around $84 trillion by 2045. Northwestern Mutual's 2026 Planning & Progress Study (pdf) shows that expectations around inheritances remain consistent with recent years, with about 20% of adults expecting to receive one in the coming decade. Yet, inheritances can vary significantly by race, income, and region.
