Wells Fargo survey finds 61% of affluent adult children report inheritance conflict

Sixty-one percent of adult children from affluent American families report negative fallout from an inheritance, compared with 29% of their Baby Boomer parents, according to Wells Fargo Wealth & Investment Management's 2026 Wealth Transfer Study.

InvestmentNews reported the findings, drawn from surveys of more than 800 Boomer parents and nearly 800 adult children in Gen X and Millennials, all from households with at least $1 million in investable assets. Participating families averaged $3.7 million. Children described hurt feelings, fairness disputes, estrangement and legal battles. Cerulli Associates projects the wealth transfer at approximately $124 trillion through 2048. The study compares the two generations in a single survey rather than tracking one generation over time, so the 61%-to-29% split does not show that inheritance conflict is rising.

Eighty-two percent of adult children say inheritance conversations would help them plan for the future, and 80% of parents believe money talks help younger generations make better financial decisions. But follow-through is thinner: 21% of parents report detailed conversations about their estate plans, and nearly one-third have had little or no meaningful discussion.

Ninety-three percent of parents say they know how much wealth they intend to pass on, but only 54% of adult children say they have been told what they are likely to inherit. Seventy-nine percent of parents have specified that amount in a written financial plan. Fifty-seven percent of adult children wish their families were more open about money, and 42% call finances a topic that is routinely avoided.

Sixty-one percent of adult children say they worry that asking about an inheritance will make them appear motivated by money, and 53% say they would feel uncomfortable raising the subject. Parents cite deciding how much to disclose (32%), whether transparency will demotivate their children (25%) and whether it will cultivate a sense of entitlement (22%). "Families find themselves in a stalemate," said Heather Hunt-Ruddy, a Central Divisional leader at Wells Fargo Advisors. "The next generation doesn't want to appear greedy. Parents don't want to send the wrong message. The result is that important conversations get postponed indefinitely."

Forty-four percent of parents who have completed their estate documentation acknowledge they do not fully understand what their own estate plan does. Parents and children also disagree about whether the paperwork is finished: 81% of parents say all necessary estate planning documents are in place, while 66% of adult children believe that is true.