In 25 years, however, Gen X is expected to hold about 71 percent of the transferred wealth, while millennials will hold about 21 percent, according to the report.
The transfers won't always be easy, and advisors need to acquaint themselves with some of the common pitfalls when wealthy families try to pass on their wealth, the report said.
"Conflicting values and financial objectives among family members can be difficult to navigate when planning to transfer wealth across multiple generations," the report stated.
In a recent Cerulli survey, these were cited most frequently by advisors as the factors that prevent families from successfully transferring wealth:
• Benefactors not comfortable sharing financial information with children (67 percent).
• Inexperience with multigenerational wealth strategies (43 percent).
• Fear that children are not prepared to inherit wealth (39 percent).
• Uncomfortable thinking about their own passing (35 percent).