Most of These Parents Keep Inheritance Plans Quiet—a Risky Move for Families With a Home at Stake

It’s an uncomfortable conversation, discussing what happens to your assets when you die—and apparently, it’s one that some people are avoiding entirely. 

Turns out, 68% of parents age 55 or older with at least $500,000 in investable assets haven’t told their adult children what they’ll inherit or if they’ll inherit anything at all, according to Fidelity Investments’ 2025 Family and Finance Study.

Considering that baby boomers own an estimated $18 trillion to $19 trillion worth of real estate, that’s a decent number of new homeowners who will be ill prepared when the time comes. 

That's why financial experts agree that estate planning conversations are necessary, especially if you have a tricky, yet common inheritance situation, like multiple properties or multiple heirs.

Half of parents are keeping their children in the dark

Baby boomers—those born from 1946 to 1964—and even older generations will pass on an estimated $124 trillion from 2024 to 2048 as part of the “Great Wealth Transfer,” according to research from Cerulli Associates.

With the silver tsunami well underway, the Fidelity survey found that 95% of adult children say they are ready to manage inherited wealth. Unfortunately, 25% of their parents disagree. In fact, 52% haven’t even discussed their net worth with their children, with 35% of parents not wanting their children to know how much they’ll inherit. 

But putting off the conversations is not the answer.

“As people get older—especially past 70—they often become less willing to talk about things like estate planning, long-term care, or how their family can be involved in planning and decision-making,” said Timothy Habbershon, managing director and founder of the Fidelity Center for Family Engagement. 

“But with trillions of dollars preparing to change hands, there are millions of families going through generational transitions. This is a unique opportunity to start planning conversations that can create confidence, closeness, and peace of mind for years to come.”

The reasons vary over why the conversations are being put off, but the reality is, while parents may feel uncomfortable, their heirs are banking on their inheritance for the next stage of their lives.

A recent survey by Northwestern Mutual found that nearly 7 of 10 millennials are counting on that inheritance to plan their own futures—and that includes where they are going to live.

Your most important asset: your home

While discussing all of your assets is important, deciding who will inherit your home—and when—is arguably the biggest conversation to have, given that for most people, it is their most valuable asset.

In addition, homes are also handled differently from money. There are legal steps that need to be in place to pass on a home, whether through a will, trust, or joint ownership, and each scenario has its own consequences that your inheritor should understand.

There are also financial considerations unique to inheriting a home. Potential estate, inheritance, and capital gains taxes should all be on an inheritor’s radar. At a minimum, they should know about the mortgage status, property taxes, and ongoing maintenance costs—especially if they plan to live in the house.

More inheritors, more problems

While discussing money can be tricky, it’s especially important to have estate planning conversations early if more than one person is set to inherit.

Eighty percent of parents plan to divide their estate equally among their children. Wills, trusts, and gifting have different legal and financial implications that become more complex when multiple parties are involved.

That’s why early communication is crucial: It allows everyone to ask questions, clarify responsibilities, and ensure all parties are on the same page, helping to avoid disputes.

“Planning for the future isn’t just about protecting wealth—it’s also about protecting relationships,” said David Peterson, head of advanced wealth solutions at Fidelity Investments. 

“The upcoming holiday season offers a natural opportunity for families to come together and start these important conversations. While money can feel like a taboo topic, approaching it with openness and empathy can help families feel more connected and better prepared to navigate life’s transitions with clarity and care.”