Economists are calling it the “Great Generational Wealth Transfer,” and it is coming to a theater near you. This isn’t a movie, but it is a real estate phenomenon that I have witnessed first hand more throughout this snowless month of January than any other time in my career. The plot is full of complex characters and may involve conflict, high emotions and certainly action — especially in the form of adult children secretly Googling home values at midnight. Ultimately, the plot ends in resolution in the form of decades-long homeowners passing the torch, the keys and some very strong opinions about avocado-colored appliances and carpet in the bathroom, on to their heirs.

Throughout the past several weeks I have met with many members of the oldest living generation today. I consider this nothing less than a privilege. They are valuable members of our society, shaped by more discipline in their pinky fingers than most of us have in our entire bodies. They have experienced scarcity and hold an unshakable sense of responsibility. They learned to fix instead of replace and save instead of spend. Success, for this generation, was measured by stability, not flash. They raised families, weathered recessions, absorbed decades of laughter, worry, heartache and quiet resilience in their long paid off homes. And now, in a final act of love, their desire is to pass along the wealth they built patiently and deliberately. Sitting across from them, hearing their stories, the feeling is visceral. Their desire to leave a gift to ease the path for those who come next is certain.

The “gift” of course, is not a pile of cash. This “wealth” they want to pass on did not show up overnight. It was built slowly and painstakingly over decades and is largely tied up in real estate. The mortgage that was paid one month at a time, while keeping the roof repaired, the lawn mowed and the furnace running was a daily feat for so many years before and even after retirement.

If you choose to read the Cliff Notes rather than watch the entire movie or read the book, it may appear that this “Great Generational Wealth Transfer” looks like heirs standing around with champagne flutes atop a pile of cash, soon to be turned into luxury SUVs, vacation homes and early retirement. If that were so, the Cliff Note version would cause you to fail the test.

For many heirs, the wealth they inherit doesn’t arrive in the form of cash at all. It shows up as a home with a long to-do list. The home comes with property taxes, insurance payments, maintenance and tons of administrative paperwork that somehow requires five signatures from people who live in different states. Simple childhood sibling rivalry doesn’t hold a candle to what can unfold when grief, gain and real estate all show up in the same family meeting. Throw a local Realtor into the mix and suddenly decades of opinion are forced to meet with hard numbers. Believe me, it is painful for everyone involved.

For most families, the numbers are far more modest (disappointing) than expected. After repairs, liens and HELOCs are paid, the proceeds end up funding a far less glamorous lifestyle upgrade than originally expected.

Personally, I have instructed my parents to spend their money. Although my mom has already passed, I continually encourage my stepdad to go on elaborate vacations, eat at expensive restaurants and purchase luxury vehicles. But alas, he refuses. Old habits die hard, and his habits are to save, stay home, drive a conservative but reliable vehicle and occasionally grab a burger from a local fast-food place. I have begged him to write me out of the Will. I don’t want the responsibility, the contentiousness, the stress or the emotional upheaval. The cost is too high, and no amount of money is worth it. Not to mention, my parents certainly don’t “owe” me anything. I made it to adulthood and have stayed out of jail (so far). They have done their job.

Either way, it is best to pen the ending yourself rather than leave it to the writers. The conversation may be uncomfortable but avoiding it may turn the plot into a horror film. Of course, talking about what will happen to a home after a parent passes can feel morbid, premature or unnecessary, especially for homeowners who fully plan to live there forever. However, thoughtful planning can simplify the complex process. It’s not morbid, but rather it is kind. Although it likely won’t turn the movie into a Hallmark, it could make it a thumbs-up experience.

Jen Fischer is an associate broker and Realtor. She can be reached at 801-645-2134 or jen@jen-fischer.com.