Much has been written about the Great Wealth Transfer, a historic passing of assets from the oldest Americans to younger generations over the next two decades. 

But the kids may have to wait.  

Between 2024 and 2048, an estimated $54 trillion will pass from one spouse to another, rather than to children or grandchildren, in a wave of “horizontal” transfers that follow the death of a husband or wife.    

And more than 95% of that wealth will go to women. 

Many young adults are pinning their hopes on the Great Wealth Transfer, a generational exchange of riches that could pass $84 trillion from older Americans to their children and other beneficiaries. 

The money is coming from aging baby boomers and members of the silent generation, who have amassed a staggering sum in home equity, investments and other assets over the years.  

Much of the wealth will eventually pass to children. But first, trillions of dollars will transfer from one spouse to the other within the same generation: In most cases, from a dying husband to a surviving wife.  

Roughly $54 trillion will pass through “inter-spousal” transfers by 2048, according to a recent report from Cerulli Associates, a research and consulting firm for the asset and wealth management industry.  

Because wives tend to outlive husbands, nearly all the wealth will go to women. 

“When we talk about ‘next-gen,’ it doesn’t always mean younger people. It often means the wife,” said Alvina Low, chief wealth strategist at Wilmington Trust.  

Banking on an inheritance? You may have to wait.

For younger Americans, the coming wave of spouse-to-spouse transfers provides a timely reminder: If you are banking on an inheritance to get you through life, you may be in for a shock. 

“Even if you have wealthy parents, you might not be seeing any amount of that until you’re almost retiring yourself,” said Chayce Horton, a senior analyst at Cerulli.  

Americans are most likely to inherit between the ages of 56 and 65, according to a 2021 analysis by researchers at the Wharton School of the University of Pennsylvania. 

But most Americans never inherit a dime.  

Men handle the finances in many marriages

The Great Wealth Transfer to widows has implications, too, for millions of older Americans.  

Men handle the finances in many marriages, especially among older Americans. Spouses might know little or nothing of investment and retirement accounts, bill-paying routines and estate plans.  

“There has always been a more traditional gender role. Men often made a lot of financial decisions in the partnerships,” said Candace Dellacona, an estates and trusts attorney in New York.  

“I’m hopeful that women will take more ownership over being involved in that wealth transfer,” she said. “Because, you know, we are responsible for a lot of it. We earn it.” 

Women are rapidly gaining confidence in household finance. A 2023 survey by Allianz Life found that 43% of married women considered themselves the chief financial officer at home, up from 34% in 2021.  

But men have long been viewed as experts on household finance, especially in wealthy households. A 2021 academic study found that husbands were considered most knowledgeable on finance in 90% of the wealthiest households, those in the top 1% by net worth. 

Financial advisers should talk to wives, too

One aim of the Cerulli report, Horton said, is to alert financial advisers and estate planners that they should talk to both partners in a household, not just husbands. 

“It’s really important to establish relationships with families, rather than individuals,” he said. 

Dellacona put it more bluntly: “If the financial adviser is only talking to the husband,” she said, “get a new financial adviser.” 

The problem with leaving one spouse in charge of family finance will become obvious, experts say, if that partner dies first. 

“You have to plan for widowhood, whether it’s male or female,” said Angie O’Leary, head of wealth strategies and solutions at RBC Wealth Management-U.S. 

Here are a few tips for couples to prepare for the potential death of the partner who pays the bills.

Work together on an estate plan 

Many financial advisers say Americans should have a will or trust, which instructs how to distribute property and other assets upon your death. 

That document is part of a larger estate plan, which also dictates who will manage your affairs in an emergency while you are alive, among other provisions. 

Spouses should work together on estate plans, experts say. 

Collaborate on naming beneficiaries 

Investment accounts and life insurance policies often require you to name beneficiaries, who get the money upon your death. 

For many Americans, beneficiary designations function as an estate plan: they’re legally binding and dictate what happens to a large portion of your assets. 

Naming beneficiaries now will make life easier for a surviving spouse when one partner dies, experts say. 

Share intel on household accounts 

When a spouse dies, the surviving partner may be faced with a tangle of utility bills, passwords and pins to unravel. 

To simplify that process, create a file that contains all of that information, including printed statements for every household account. Update it as needed. 

Consider adding both spouses to every account, including utilities, streaming services and everyday banking. That way, if one partner dies, the other will have less trouble gaining access.  

Plan for long-term care 

More than 80% of Americans will require long-term care, according to the Center for Retirement Research at Boston College. 

Long-term care, such as assisted living, can swiftly drain your assets. Couples should plan together for how to cover the expense, said Anqi Chen, associate director of savings and household finance at the Center for Retirement Research. 

“For widows especially, they will probably live a long time, and women are also more likely to need long-term care,” she said.