New local study looks at who expects to leave a financial legacy – and who hopes to benefit

WASHINGTON, July 8, 2025 – As a $90 trillion Great Wealth Transfer looms, many Washington. D.C. residents say they are preparing to leave a financial legacy, yet fewer expect to receive one themselves. The latest findings from Northwestern Mutual’s 2025 Planning & Progress Study show more than one-third (34%) of residents in Washington anticipate leaving an inheritance or a financial gift / donation to a charitable organization. Meanwhile, nearly one in four (23%) expect to receive an inheritance. 

Northwestern Mutual’s 2025 Planning & Progress Study is the company’s proprietary research series that explores Americans’ attitudes, behaviors, and perspectives across a broad set of issues impacting their long-term financial security.

The study also found that: 

·       The most common planned recipients for inheritances among Washington residents were children/grandchildren (61%), charitable organizations (46%) and spouse (45%).

·       67% said it is an important financial goal to leave something to the next generation, around the national average of 68%.

·       48% in Washington have had a conversation with their family about planned inheritances or charitable donations, lower than the national average of 60%.

·       36% have a will, close to the U.S. average (39%), and easing the path toward sharing generational wealth.

·       85% would feel comfortable formally introducing their teenage or young adult children in their annual meeting with a financial advisor to learn more about the process (national average is 77%). When asked to select the primary reasons why they would feel comfortable, most said it would be to "teach / instill in their children good financial habits" (66%), to "introduce them to financial planning concepts" (67%), and “to ensure a smooth transfer of generational wealth” (53%).

When it comes to legacy planning, having flexible solutions customized to unique financial goals and circumstances is paramount. Northwestern Mutual’s recently announced Survivorship Variable Universal Life Plus (SVUL Plus) policy enables Americans to minimize the estate tax burden on heirs, while maximizing the value of assets they leave behind.

About?the 2025 Northwestern Mutual Planning & Progress Study 

The 2025 Planning & Progress Study was conducted by The Harris Poll on behalf of Northwestern Mutual among 4,626 U.S. adults aged 18 or older. The survey was conducted online between January 2 and January 19, 2025. Data are weighted where necessary by age, gender, race/ethnicity, region, education, marital status, household size, household income, and propensity to be online to bring them in line with their actual proportions in the population. A complete survey methodology is available.

About Northwestern Mutual 

Northwestern Mutual has been helping people and businesses achieve financial security for more than 165 years. Through a comprehensive planning approach, Northwestern Mutual combines the expertise of its financial professionals with a personalized digital experience and industry-leading products to help its clients plan for what's most important. With nearly $700 billion of total assetsⁱ being managed across the company’s institutional portfolio as well as retail investment client portfolios, more than $38 billion in revenues, and $2.4 trillion worth of life insurance protection in force, Northwestern Mutual delivers financial security to more than five million people with life, disability income and long-term care insurance, annuities, and brokerage and advisory services. Northwestern Mutual ranked 109 on the 2025 FORTUNE 500 and was recognized by FORTUNE® as one of the "World's Most Admired" life insurance companies in 2025.

Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company (NM), Milwaukee, WI (life and disability insurance, annuities, and life insurance with long-term care benefits) and its subsidiaries. Subsidiaries include Northwestern Mutual Investment Services, LLC (NMIS) (investment brokerage services), broker-dealer, registered investment adviser, member FINRA and SIPC; the Northwestern Mutual Wealth Management Company® (NMWMC) (investment advisory and services), federal savings bank; and Northwestern Long Term Care Insurance Company (NLTC) (long-term care insurance). Not all Northwestern Mutual representatives are advisors. Only those representatives with "Advisor" in their title or who otherwise disclose their status as an advisor of NMWMC are credentialed as NMWMC representatives to provide investment advisory services.

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[1] Includes investments and separate account assets of Northwestern Mutual as well as retail investment client assets held or managed by Northwestern Mutual.