As published in the Salinas Valley Business Journal, June 2026
By Sierra Rhodes, Attorney
Between 1948 and 1964, in the years following World War II, more babies were born in the United States than ever before. That generation—the baby boomer generation—became the largest generation in United States history. Today, the baby boomer generation, ranging in age from approximately 62 to 80 years old, constitutes the wealthiest generation of Americans by trillions of dollars. Between now and 2030, 10,000 Americans will turn 65 each day.
As the wealthiest and largest generation in history ages, wealth transfers will become an inevitability. There are multiple ways a person’s wealth and assets can be directed and distributed upon their passing, including by intestate succession, wills, and trusts. If a person has no estate planning documents, California’s laws of intestate succession govern the order in which a person’s assets will be distributed to relatives; if the person has no identifiable relatives and no estate plan, their assets escheat, or are transferred, to the State of California. A will is a relatively simple estate planning document through which a person can direct the distribution of their assets, and a trust is a more complex estate planning document through which a person can direct the distribution of their assets with additional flexibility and control.
Trusts also differ from wills in that they are designed to avoid the probate process, which is a public and often costly court-supervised process. Trusts are designed to allow their creators—the settlors—to distribute their assets privately, cost-efficiently, and without court intervention. For both intestate succession and wills, the distribution of an individual’s assets will be subject to the probate process in California if those assets are valued at more than $208,850 for personal property, or more than $750,000 for a house. Probate fees are set by statute and are based on the value of a person’s estate.
As of 2022, the average baby boomer’s net worth was $1.2 million. Under California law, the cost to probate an estate of that size would be approximately $50,000. For the average baby boomer, a well-constructed estate plan with a trust could save their family tens of thousands of dollars, and ensure their assets are transferred according to their wishes.
Estate planning is not a niche concern reserved for the ultra-wealthy—it is a practical necessity for millions of aging Americans, especially in California. As the wealthiest generation in history is aging, planning for future wealth transfers has become a necessity. Absent proper planning, families may face avoidable costs, delays, and uncertainty. As people age, they may also become more vulnerable and dependent on others for daily care and decision-making. Increased dependence can heighten the risk of manipulation or exploitation. Proactive estate planning can serve as a critical safeguard against undue influence, fraud, financial abuse, asset mismanagement, and capacity challenges, all of which are frequent sources of dispute in trusts and estates litigation.
Thoughtful use of estate planning tools—particularly trusts—offers a way to preserve wealth, reduce administrative burdens, and provide clarity for loved ones. More importantly, it allows individuals to maintain control over how their legacy is handled. In a cultural, financial, and legal landscape heavily shaped by the baby boomer generation, proactive estate planning stands out as one of the most effective steps individuals can take to protect both their assets and their families.
This article is intended to address topics of general interest and should not be construed as legal advice.
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Hoffower, Hillary. “Meet the typical baby boomer: Worth $206,000, they’ve been blamed for ruining the economy for millennials and are in the midst of the ‘gray tsunami’.” Business Insider, 2 Jan. 2022, https://www.businessinsider.com/typical-baby-boomer-net-worth-debt-real-estate-retirement-202
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