Millennials’ Inheritance Hopes Clash With Elder Plans

Surveys point to a gap between younger adults’ reliance on inheritance and older adults’ willingness or ability to leave one: nearly half of millennials say an inheritance is crucial to their financial goals, while only 10% of adults 55 and older say they would prioritize a legacy even if it meant cutting retirement spending. Another survey found that nearly three in five adults expecting an inheritance are building long-term plans around it; some have taken on debt or saved less for retirement in anticipation, despite uncertainty about how much heirs will ultimately receive. Advisers warn that relying on a future windfall can leave heirs financially exposed, while legal experts stress that families also need to prepare successors to manage inherited businesses and property to preserve wealth. Together, the findings suggest inheritance may be less dependable than younger generations expect, both because retirees may spend more of their assets themselves and because wealth can be lost through poor succession planning.