Apr 15, 2026
If you’ve heard of the “great wealth transfer,” it’s likely that it was in the context of assets that will be passed down from baby boomers to Gen Xers and millennials in the coming decades.
This phenomenon is projected to see $124 trillion change hands by 2048, according to research conducted by Cerulli Associates (1).
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But there’s another aspect of the great wealth transfer that’s less talked about, and will have huge impacts for millions of Americans. It will come in the form of spousal inheritances, and an estimate by Cerulli Associates is that $54 trillion will be passed on to surviving spouses amid the great wealth transfer. The research firm says that $40 trillion of spousal inheritances will go to women, signaling the need for women in the baby boomer generation to take action now when it comes to knowing about their financial situations.
Billionaire widows
When it comes to women inheriting wealth from their spouses, there’s no shortage of headline-making examples.
Billionaire widows like Laurene Powell Jobs show, albeit on a larger scale, what it might look like when women start to inherit wealth amid the great wealth transfer.
When Apple founder Steve Jobs died in 2011, he left his wife a fortune worth billions (2). Although she lives a lavish life, replete with mansions and vacations on superyachts (3), Powell Jobs has stated that she won’t pass the fortune on to her children.
“It’s not right for individuals to accumulate a massive amount of wealth that’s equivalent to millions and millions of other people combined,” Powell Jobs told the New York Times in 2020 (4).
Powell Jobs has started redistributing her wealth, including an estimated $2 billion through Emerson Collective, a social change organization she founded (5), and a $3.5-billion commitment to climate action through The Waverly Foundation (6).
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Suddenly managing an estate
While Powell Jobs’s case is an extreme example, in the coming decades American women may find themselves suddenly managing an estate. And being prepared for that possibility is important for women’s financial and emotional well-being.
While it’s not the case in every household that one spouse manages the finances completely and the other takes a backseat, it can sometimes be the case.
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“In many older households, the husband historically has handled most of the financial decisions,” Ryan Marshall, a certified financial planner with ELA Financial Group, told CNBC.
Since women live longer than men, on average, if you are a woman, and a baby boomer, and you aren’t involved in your household finances, consider what would happen if your spouse died and you had to take control.
It may be a topic that many people want to avoid thinking about, but being prepared for this scenario will make things easier for you in the future, should this come to pass.
Get familiar with finances now
Women who are baby boomers should consider setting a goal to start to familiarize themselves with their financial situations, if they’re not already actively involved.
A good place to start is with an overview of your situation. Familiarize yourself with which financial institutions you and your spouse deal with, and what accounts you hold.
Make sure that financial records are organized, and easy for you to access. Keep passwords and account numbers in a safe place. If there are financial professionals you deal with, have their contact information handy as well.
Draw up a plan for yourself that sets out the immediate steps you would need to take in the event of your spouse passing. This includes having the ability to access cash for immediate expenses, notifying the appropriate institutions, and claiming benefits. If you have bills, such as utilities, that are only in your spouse’s name, consider adding yourself to those accounts.
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Next, look into what your retirement plans are, including income-generating investments and drawdown strategies. If you already employ the services of a financial advisor, consider asking them about planning for you or your spouse’s finances in the event that one of you predeceases the other.
This planning should take into account that Social Security benefits will decrease, if both spouses were receiving it. This could also be true if your spouse who died was receiving a pension. Having a plan already in place for what you will do if your income drops after your spouse passes will mean one less burden to deal with.
CNBC’s report notes as well that you should be prepared that after the death of a spouse, your tax situation will likely change. If you have a tax professional, consider discussing what changes you can expect in the event of the death of your spouse.
According to CNBC, a single filer will generally be subject to a lower tax bracket, a lower standard deduction and “lower income thresholds for certain other tax breaks.” Also take into account whether you’re likely to face estate and capital-gains taxes (7).
Finally, consider that you will also need a plan for your own estate. Start thinking about how you would like to distribute your assets after your death, and take steps toward putting that plan in place, including by making a will.
Article Sources
We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.
Cerulli Associates (1); The New York Times (2); Luxury Launches (3); The New York Times (4); Bloomberg (5); Reuters (6); CNBC (7)
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Rebecca Payne has more than a decade of experience editing and producing both local and national daily newspapers. She's worked on the Toronto Star, the Globe and Mail, Metro, Canada's National Observer, the Virginian-Pilot and Daily Press.
