Financial advisor explains 'Great Wealth Transfer' and why most Americans are not prepared

MILWAUKEE (CBS 58) -- Nearly $100 trillion is expected to change hands in the coming decades as Baby Boomers and the Silent Generation pass on their wealth, but 67% of Americans have no written will or estate plan in place, according to financial advisor Carson Biber of Drake & Associates.

Biber joined us on Wednesday, May 20 to chat about the scale of the wealth transfer and what families can do to prepare.

Without an estate plan, heirs often must navigate probate, a legal process that can reportedly cost 3% to 7% of the estate's value and take months or longer if disputed.

Biber recommended starting by taking stock of assets, gathering key documents and consulting a financial advisor or estate planning specialist to guide the process.