Hi 👋 I’m Maren…
Hi 👋 I’m Maren…
$84 trillion will shift from Boomers to younger generations by 204

$84 trillion will shift from Boomers to younger generations by 204

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Mar 4, 2025 5:38 PM
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Mar 4, 2025 5:47 PM
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Problem: when a relative dies transferring assets from one person, to the heirs, seems complicated and clunky… considering $80T is supposed to transfer from one generation to the next over the next 20 years, this seems like a particularly interesting problem space…

The Tech Solution to America’s “Great Wealth Transfer”

The United States is in the early stages of a massive wealth transition as Baby Boomers age. Estimates suggest roughly $84 trillion will shift from Boomers to younger generations by 2045 (The Great Wealth Transfer: Essential Steps for Giving Wealth | Comerica). This “Great Wealth Transfer” is driving demand for modern, tech-driven solutions to ensure that estates are planned, managed, and passed on efficiently. Below we explore the major players addressing this challenge – from established financial institutions upgrading their digital estate tools, to fintech startups automating inheritance (even via blockchain), to digital wealth managers courting next-gen heirs, and public interest initiatives. We also assess whether the space is crowded and highlight key trends shaping its growth and competitive landscape.

Established Institutions Going Digital for Estate Planning

Traditional banks and wealth management firms are increasingly integrating digital estate planning and wealth transfer tools into their services. Their goal is to simplify legacy planning for clients and retain assets across generations. Notable examples include:

Fintech Startups: Digital Wills, Automated Inheritance, and Blockchain Transfers

A wave of fintech startups and disruptors is tackling estate planning and inheritance with technology-first solutions. These companies see an opportunity to modernize a traditionally paper-heavy, attorney-centric process. Key players include:

Digital Wealth Management for Younger, Tech-Savvy Heirs

As trillions in assets pass to Gen X, Millennials, and Gen Z heirs, the recipient generations are far more digitally native in their approach to finances. This is spurring both fintech firms and traditional wealth managers to tailor services to younger inheritors:

  • Robo-Advisors and Online Investment Platforms – Automated investing platforms like Betterment, Wealthfront, and Personal Capital stand to benefit as younger heirs seek convenient, low-cost ways to invest their windfalls. Millennials, in particular, show a strong preference for user-friendly digital tools in managing money (The Great Wealth Transfer: Why Advisors Should Pay Attention to Millennials). Many in this cohort already use fintech apps for banking and investing, and even hold significant portions of their wealth in cryptocurrencies and NFTs (The Great Wealth Transfer: Why Advisors Should Pay Attention to Millennials). Upon receiving inheritances, they may be more inclined to roll assets into these app-based platforms rather than stick with their parents’ advisors. Recognizing this, some robo-advisors now offer features like trust accounts, beneficiary designation, and financial planning modules to accommodate larger, longer-term family assets. For example, Wealthfront allows clients to set up trusts and Betterment’s advisors can assist with estate planning considerations – signaling that robos are evolving to handle generational wealth.
  • Hybrid Advisory Firms Targeting “Next-Gen” Wealth – A number of newer financial advisory firms position themselves as tech-enabled “family offices” for the up-and-coming affluent. These include firms like Facet Wealth (a subscription-based financial planning service) and Farther (a digital-first RIA), which blend online platforms with human advisors. Such firms explicitly market to younger professionals and heirs who want a modern, on-demand advice experience. Notably, Facet Wealth partnered with Wealth.com to integrate easy estate planning into its client portal (The Estate Tech Revolution Is Picking Up Speed), and Farther also adopted Wealth.com’s tools to fulfill its vision of an all-in-one digital family office (The Estate Tech Revolution Is Picking Up Speed). By embedding estate planning and legacy tools, these firms aim to attract clients who are inheriting wealth and want a high-tech, holistic approach to managing it.
  • Incumbents Focusing on Intergenerational Relationships – Traditional private banks and wirehouse wealth managers are acutely aware that 80%–90% of inheritors leave their parents’ financial advisor after receiving the wealth (The Great Wealth Transfer: Why Advisors Should Pay Attention to Millennials). To counter this, many are ramping up “next-gen” client programs and digital engagement. This can include offering financial education for clients’ children, inviting heirs into planning meetings via video apps, and showcasing sustainable/impact investing options that younger investors care about. The goal is to build loyalty with heirs before the wealth transfer happens. Some large banks also now offer multigenerational account views in their apps, so families can collaboratively track assets and goals. In short, incumbents are leveraging technology not only to improve efficiency but to enhance the client experience for younger stakeholders – hoping to thereby retain assets through the generational handoff.

Notable Non-Profit and Public Tech Initiatives

A number of not-for-profit, government, or public-interest efforts have sprung up to facilitate the wealth transition using technology, often focusing on increasing access to estate planning:

  • Socially-Driven Estate Planning Tools – The aforementioned FreeWill is a prime example of a social-good initiative in this domain. As a public benefit corporation, FreeWill’s free estate tools help Americans (especially those of moderate means) create basic wills at no cost, while encouraging charitable giving. Hundreds of nonprofits (from universities to charities like the Disabled American Veterans) partner with FreeWill to promote legacy giving via its platform (FreeWill Raises $30M for its Online Estate Planning Platform That Also Supercharges Philanthropy – AlleyWatch) (FreeWill Raises $30M for its Online Estate Planning Platform That Also Supercharges Philanthropy – AlleyWatch). This model effectively leverages tech to boost both personal financial planning and philanthropy.
  • Public Awareness Campaigns – Organizations such as AARP have been raising awareness about the importance of estate planning and pointing retirees toward online solutions. AARP provides its members discounts for digital will services and has highlighted platforms like FreeWill and LegalZoom as easy ways to draft a will online (FreeWill Raises $30M for its Online Estate Planning Platform That Also Supercharges Philanthropy – AlleyWatch). Such endorsements by trusted nonprofits help legitimize digital estate planning for older Americans who might be wary of online legal services.
  • Legal and Regulatory Changes – On the public policy side, states are updating laws to accommodate technology in estate matters. In the last few years, at least 10 U.S. states have enacted laws recognizing electronic wills (“e-wills”) that can be signed, notarized, and stored entirely online (What Is the Electronic Wills Act & State Legislation | LawDistrict). For example, Florida, Arizona, Indiana, and others now allow remote online notarization and electronic signatures for wills (What Is the Electronic Wills Act & State Legislation | LawDistrict). The Uniform Law Commission approved a model Electronic Wills Act in 2019, and states rapidly followed suit. These changes remove legal barriers to digital estate planning, enabling online platforms to produce wills that courts will accept. Additionally, state governments and courts have started adopting e-filing systems for probate and inheritance proceedings. All of this makes the end-to-end process of estate transfer more tech-enabled – a necessary evolution in an era when so much of our lives (and assets) are digital.
  • Educational Initiatives – Some public libraries, legal aid clinics, and community organizations have begun offering workshops or free access to online will-making software for those who can’t afford attorneys. For instance, law school clinics sometimes use simple estate planning apps to help low-income individuals draft wills. While these programs are local in nature, they illustrate the broader trend of using technology to democratize estate planning, ensuring the great wealth transfer doesn’t leave behind families who lack traditional legal resources.

Market Saturation and Opportunity: Trends and Outlook

Is the wealth-transfer tech space crowded? In some respects, yes – the past few years have seen a surge of startups and new offerings from all corners. Tech media have dubbed it an “estate-tech revolution” with a field that is “increasingly crowded – and diverse.” (The Estate Tech Revolution Is Picking Up Speed) Multiple venture-backed companies (often founded by financial professionals who saw gaps in the process) are vying to modernize estate planning. They range from direct-to-consumer will makers, to advisor-centric platforms, to specialized tools for crypto or estate settlement (The Estate Tech Revolution Is Picking Up Speed). Incumbent tech providers like Envestnet have also jumped in, launching their own integrated estate planning exchanges for advisors (Envestnet Joins Increasingly Crowded Digital Estate Planning Space) (Envestnet Joins Increasingly Crowded Digital Estate Planning Space). This flurry of activity indicates a competitive landscape, with players differentiating themselves on factors like target market (e.g. high-net-worth vs. mass-market), scope of services (planning documents vs. settlement vs. storage), and technology approach (full automation with AI, hybrid with attorney review, etc.).

Despite the growing number of entrants, the market opportunity remains enormous and far from saturated. The reality is that tens of millions of Americans still have no formal estate plan, and trillions in assets will be changing hands in coming years. Even with all the new solutions, there is substantial room for growth because most families have yet to take action. For example, industry data shows only about 33% of Americans have a will, and cost or inconvenience is a major reason the rest do not (FreeWill Raises $30M for its Online Estate Planning Platform That Also Supercharges Philanthropy – AlleyWatch). Fintech solutions are trying to close this gap by making estate planning cheaper, easier, and more approachable. As awareness grows (especially post-COVID, which was a wake-up call on mortality for many), demand for these services could increase dramatically. Startups that can convert the will-less 67% into users – or help the 90% of people who won’t pay a lawyer for a will (FreeWill Raises $30M for its Online Estate Planning Platform That Also Supercharges Philanthropy – AlleyWatch) – have a huge addressable market. Likewise, on the wealth management side, the majority of advisory firms are only beginning to implement digital estate tools, so the B2B segment (advisory and institutional adoption) is still in an early-growth phase.

Key trends pointing to strong growth potential include:

In conclusion, the impending generational wealth transfer has catalyzed a robust ecosystem of technology-driven solutions. Established financial institutions are modernizing their estate and trust services with digital tools, often via fintech partnerships, to better serve clients and their heirs. Meanwhile, startups and new entrants are bringing fresh approaches – from online will drafting and AI-powered planning to blockchain-based asset custody – aiming to make inheritance and legacy planning more accessible and efficient. Digital-first wealth managers are positioning to capture the next wave of inheritors by aligning with their tech expectations. And even the public and nonprofit sector is playing a role, whether through enabling legislation or free planning resources for underserved groups.

While competition among these players is heating up, the playing field is hardly saturated considering the vast number of households that still need solutions for wealth transfer. The convergence of favorable factors – a huge and growing addressable market, increasing consumer awareness, and continuous fintech innovation – points to significant opportunity ahead. We can expect further growth and evolution in this space, as key trends (like multi-generational financial planning, digital asset inheritance, and advisor-tech integration) reshape how Americans pass on wealth. Ultimately, those platforms that can most effectively blend technology with the personal, human aspects of legacy planning are poised to lead in the era of digital wealth transition.

Sources:

Who is serving the ‘middle class’

Below is a high-level view of the middle-market segment for estate planning and wealth transition—households that are neither ultra-high-net-worth nor living paycheck-to-paycheck. This includes families passing on anywhere from tens of thousands to a few million dollars in assets. We’ll look at how big this market is, how it’s often defined, and who’s solving problems for this group—particularly with tech-driven, affordable offerings.

1. Defining the “Middle Market” and Its Size

Middle market (sometimes called “mass affluent” or simply “middle class”) can vary depending on who’s defining it. In the context of estate planning:

  1. Income/Net-Worth Range
    • Annual household income often falls roughly between $50,000 and $150,000.
    • Net worth might run from $100,000 to $1–2 million.
    • This is broad, but it captures those who may have a home, some retirement savings, and moderate cash/investments—yet who lack the complexity of the ultra-wealthy.
  2. Share of U.S. Households
    • By some estimates, the mass-affluent or “middle-market” category can comprise 30%–40% of U.S. households, depending on the net-worth definition.
    • According to the Federal Reserve’s Survey of Consumer Finances, the median net worth for households headed by someone age 65–74 is around $266,000 (including home equity). A substantial slice also falls between $500k and $1–2 million in total assets.
  3. Estate Size
    • For many in this segment, inheritances range from tens of thousands (often from life insurance, a small IRA, or partial home equity) up to a few million if they’ve built more substantial retirement savings or paid down a mortgage in a rising real estate market.
    • While far below the estates served by private banks or specialized trust companies, collectively this group represents tens of millions of Americans with significant but not ultra-high-value assets.
  4. Untapped Demand
    • Studies consistently find that two-thirds of Americans have not completed any formal estate plan, often due to cost, complexity, or procrastination. This is especially true in the middle range, where paying $2,000–$5,000 for attorney-drafted estate documents can feel out of reach.
    • Thus, the middle market is vast and underserved—a major opportunity for tech-enabled, lower-cost solutions.

2. Tech-Driven Firms Serving the Middle Market

Historically, people in this segment either went to a local attorney (expense being a barrier) or used do-it-yourself tools (often incomplete or outdated). Over the last five to ten years, online estate planning has boomed, offering a cost-effective route. Below are key players and approaches that specifically target or are very accessible to this middle tier.

A. Direct-to-Consumer Digital Estate Platforms

  1. Trust & Will
    • Focus: A wide variety of users—many middle-class families, new parents, and first-time will-makers.
    • Offering: Online, legally valid wills and trusts starting under $200. Optional attorney add-ons.
    • Why It Matters: Easy, guided workflow and transparent pricing, so middle-income households can get a basic estate plan at a fraction of traditional attorney fees.
  2. FreeWill
    • Focus: Middle-market donors and philanthropic-minded individuals.
    • Offering: Completely free will creation (simple wills, powers of attorney) funded by nonprofit partners.
    • Why It Matters: Eliminates cost as a barrier. While it’s basic, it suits many families whose estates are modest. Also prompts charitable giving, so it has broad reach and social impact.
  3. Willing.com (acquired by MetLife Legal Plans)
    • Focus: Affordable, online will-making solutions for middle-income households.
    • Offering: Step-by-step will and POA creation; also offers additional coverage through MetLife’s employer benefits.
    • Why It Matters: Integration with workplace benefit programs helps middle-class workers create wills at low or no cost.
  4. Tomorrow.me
    • Focus: Younger, tech-savvy families.
    • Offering: Mobile-first app for basic wills, life insurance quotes, and beneficiary designations.
    • Why It Matters: Appeals to those who prefer a simple, app-based experience without shelling out thousands. Also integrates life insurance (a core asset for middle earners).
  5. Gentreo
    • Focus: Broad middle segment, from retirees to young families.
    • Offering: Online will/trust creation, estate planning documents, and a digital vault, typically priced via subscription.
    • Why It Matters: The subscription model (usually under $100/year) and emphasis on secure document storage is well-suited for families with moderate assets who want to keep estate docs updated.
  6. LegalZoom & Rocket Lawyer
    • Focus: Mass-market legal solutions, including estate documents, business formation, etc.
    • Offering: Typically subscription-based or pay-per-document. Wills, trusts, and powers of attorney start at under $200.
    • Why It Matters: High brand recognition, broad do-it-yourself legal coverage. Many middle-income Americans go here for quick, affordable estate documents.

B. Hybrid Models (Tech + Human Expertise)

  1. Financial Advisory Firms Serving “Mass Affluent”
    • Examples: Facet Wealth, Zoe Financial, XYPN advisors (fee-for-service financial planners).
    • These firms typically offer estate planning guidance in a subscription or modular model, using software (e.g., Wealth.com or Trust & Will) plus real advisors for a more personal touch.
    • They cater to clients who may have $100k–$1M+ in assets, wanting comprehensive (but not ultra-premium) advice.
  2. Banks and Credit Unions with Low-Cost Digital Tools
    • Some regional banks and credit unions now embed estate planning add-ons powered by White-Label solutions (like Trust & Will for Banks).
    • This brings an affordable estate-planning option to checking/savings customers, often at preferential pricing.

C. Nonprofits & Government-Affiliated Programs

  • Legal Aid / Community Organizations
    • Often run clinics using free or low-cost estate tech platforms (like FreeWill, LawHelp Interactive) to help seniors or lower-income families set up basic wills.
    • While more local or targeted, they fill crucial access gaps for middle- and lower-middle-income individuals who might otherwise go without any plan.
  • AARP
    • While not a direct estate tech platform, AARP endorses or partners with certain online providers, offering its members discounts. Middle-class seniors get a cost break and educational materials to encourage them to complete wills and medical directives.

3. Why This Market is Ripe for Tech Solutions

  1. Huge Untapped Need:
    • The majority of middle-income households lack an estate plan. Often, it’s because the friction (attorney cost, time, “it’s too confusing”) is too high.
    • Digital solutions drastically lower that friction—allowing basic wills and trusts at under $300, which is 10x–20x cheaper than many in-person attorney services.
  2. Demographic Wave
    • Baby Boomers are still in the process of retiring and planning estates. Many have 401(k)/IRA balances, a paid-off or nearly paid-off home, etc., typically in the $200k–$1M total asset range—well into middle-class or “mass affluent” territory.
    • This group sees the need for an estate plan but doesn’t necessarily want or need a high-priced law firm. Tech-based solutions meet them in the middle.
  3. Growing Comfort with Online Financial Tools
    • Post-pandemic, more older Americans have grown comfortable conducting key financial tasks online—whether telemedicine, Zoom calls with financial planners, or banking apps.
    • This opens the door to fully online estate planning for middle-income retirees and near-retirees.
  4. Employer Partnerships
    • Some digital estate providers are forging partnerships with employer benefits. As part of a benefits package, employees can get free or subsidized estate planning (for example, MetLife’s tie-up with Willing, or Trust & Will’s B2B offerings).
    • This expansion into workplace benefits could reach millions of middle-class workers who historically never prioritized estate planning.

4. Is the Middle Market Crowded or Still Open?

  1. Plenty of Competition
    • The direct-to-consumer (D2C) online will-making space (Trust & Will, Gentreo, Tomorrow, etc.) is more crowded now than it was five years ago. These brands compete heavily on price, usability, and brand trust.
    • LegalZoom and Rocket Lawyer have strong name recognition and broad legal offerings, which can be a competitive advantage among mass-market consumers who prefer a familiar brand.
  2. Yet Still Underserved
    • Despite multiple players, two-thirds of Americans still lack a will. Many do not even realize how easy (and relatively affordable) it is now to create one online.
    • Most solutions are still just scratching the surface of the potential user base. Adoption has grown but is far from universal, so there’s significant room for additional platforms or products.
  3. Potential Differentiators
    • Specialization: Tools that address unique needs (e.g., bilingual platforms, digital asset inheritance for moderate crypto holders, or better integration with life insurance).
    • Financial Wellness Integration: Estate planning as one piece of an overall “financial wellness” offering that includes budgeting, retirement planning, and beneficiary management could be appealing to middle-class households.
    • Workplace or Community Partnerships: Tapping into the large pool of employees or local organizations remains an underexplored channel.

5. Key Takeaways

  • Market Definition & Size: Tens of millions of households—roughly those with a net worth between $100,000 and $2 million—comprise the U.S. “middle class” or “mass affluent.” They collectively represent trillions in assets that will transfer over the next two decades, despite not being the ultra-rich.
  • Core Challenge: Estate planning is underutilized because of cost and complexity. Traditional attorney fees can be a barrier. But digital DIY and hybrid (tech + attorney) solutions have lowered that barrier dramatically.
  • Major Providers: A number of online will-makers (Trust & Will, FreeWill, Gentreo, Willing.com, Tomorrow, LegalZoom, etc.) compete for middle-market consumers. They typically charge a fraction of lawyer costs. Meanwhile, hybrid advisors and even nonprofits are also stepping in.
  • Opportunity: Even though many solutions have sprung up, the vast majority of middle-class families still have no estate plan—indicating that the space, while busier than before, is far from saturated. Firms that can deliver a seamless user experience, build trust, and reach customers through employer benefits or community partnerships can still stand out and scale.

Overall, the middle-market estate-planning space is enormous, growing, and still underserved. Companies that solve the “awareness, affordability, and ease-of-use” gap stand to capture significant market share—especially as the oldest Boomers (with moderate nest eggs) pass along trillions in collective wealth over the coming decades.