Not Every Heir Wants to Inherit: A Lesson in Wills, Trusts, and Family Peace

The Great Wealth Transfer, a term describing the movement of wealth from older generations to younger ones through inheritances and other financial gifts, is underway.¹ However, that does not mean every heir will receive a share. Some may receive nothing because their parents spend down their savings, while others may make the surprising decision to decline an inheritance altogether.

Being named as a beneficiary does not obligate someone to accept an inheritance. A person may ask to be removed from an estate plan before the estate owner's death or decline an inheritance afterward. Depending on how the estate plan is structured, they may also be able to refuse one portion of an inheritance while accepting another.

At a time when younger generations report struggling financially, choosing not to inherit may seem counterintuitive. Yet there are several reasons someone might decide to say, "Thanks, but no thanks."

Why Would an Heir Choose to Decline an Inheritance?

Affordability has become one of the defining economic concerns of the moment. Younger Americans, particularly Gen Z, say that basic expenses are stretching their budgets to the limit and, in many cases, beyond what they can comfortably manage.²

They often compare their financial circumstances with those of Baby Boomers, widely regarded as the wealthiest generation in history and a major source of the wealth expected to pass to younger generations.³ According to a 2026 Northwestern Mutual study, nearly half of U.S. adults remain financially dependent on their parents, while more than half say achieving financial independence is harder today than it was for older Americans.⁴

Given these challenges, it is understandable that many Gen Zers and millennials view an inheritance as an important component of their long-term financial security.⁵ Many hope the Great Wealth Transfer will help ease the affordability crisis, even though an inheritance is neither guaranteed nor necessarily large enough to provide lasting financial stability.⁶ Fewer than one-third of Americans ever receive an inheritance, the average inheritance is less than $50,000, and many recipients do not receive one until their mid-50s to mid-60s.¹

Still, there are several reasons an heir might choose not to inherit:

• Avoiding Family Disputes Over an Inheritance: Stepping aside may help reduce power struggles or lingering resentment among siblings, members of blended families, or other beneficiaries.

• Preserving Personal Independence and Boundaries: An heir may want to distance themselves from complicated family dynamics, avoid the appearance of financial dependence, or decline gifts that come with emotional strings attached.

• Avoiding Unwanted Property or Responsibilities: Real estate, business interests, collectibles, and other assets can involve taxes, maintenance costs, management obligations, or other burdens that a recipient would prefer not to take on.

• Protecting Financial or Benefits Planning: In some circumstances, an inheritance can complicate an heir's existing financial arrangements or eligibility for certain needs-based benefits.

• Aligning Assets with Personal Values: Declining wealth associated with particular businesses, industries, or family practices may help an heir avoid conflicts with their personal or ethical beliefs.

One recent high-profile example involves an heir who chose not to inherit for a reason that may sound surprisingly familiar.

Brooke Hogan and the Hulk Hogan Estate

Following professional wrestler Hulk Hogan's death in July 2025, reports revealed that his daughter, Brooke Hogan, would not receive anything from his estate.2 Her absence from the will was not the result of a sudden or unexpected decision by her father. Brooke had requested to be removed years earlier.

In 2023, she contacted her father's financial manager and asked to be taken out of the will. She reportedly did not trust the people surrounding her father and wanted to avoid becoming involved in a financial dispute after his death.

Brooke later explained that she feared the fighting that could follow her father's death and wanted to avoid potential disputes over his money.³ She specifically referenced concerns about conflict involving her mother and Hulk Hogan's wife. In other words, her decision was not necessarily about rejecting wealth itself. She valued avoiding family conflict more than receiving a potential inheritance.

Brooke's situation also illustrates how different components of an estate plan can operate independently. Although she had asked to be removed from her father's will, TMZ reported that she remained a beneficiary of a small life insurance trust Hulk Hogan had established.¹⁰ Brooke reportedly planned to put that money toward her children's college funds.

Declining One Part of an Inheritance

When a prospective heir asks to step away from an estate plan, the decision may seem like an all-or-nothing choice: Either someone remains part of the inheritance or opts out entirely.

However, estate plans can incorporate different documents and arrangements to serve different purposes. Someone removed from a will may remain a beneficiary of a separate trust, life insurance policy, or retirement account, as Brooke Hogan's situation illustrates.

A Will and Trust Can Serve Different Purposes

A will establishes who should receive property handled through the probate process, the court-supervised process for settling an estate after someone dies. A trust manages assets placed in it according to the instructions outlined in the trust document.

Because wills and trusts operate separately, an estate plan can be structured so that a beneficiary receives nothing through the will but remains a named beneficiary of a separate trust or an asset such as a: 

• Life insurance policy

• Bank account

• Retirement account

This separation can give families greater flexibility. A parent may respect an adult child's wish to remain outside the broader estate while still providing for that child or their descendants through another arrangement, such as a separate trust or beneficiary designations on specific assets.

Preserving a Limited Benefit

A separate trust can provide a targeted benefit rather than a share of the larger estate. For example, funds may be set aside for education, healthcare, or other specific needs.

Choosing not to participate in one aspect of an estate plan does not necessarily mean refusing everything. Brooke Hogan's situation illustrates how this type of arrangement can honor an heir's wishes while preserving a benefit intended for a particular purpose.

When and How to Decline an Inheritance

Whether you are creating an estate plan or expect to inherit from one, it is important to understand that an inheritance can be declined. The available options depend on the circumstances and the structure of the estate plan.

• Before Death: A prospective heir can ask to be removed from a will or another part of the estate plan. The person creating the plan can then decide whether and how to revise the documents.

• After Death: An estate beneficiary may choose to disclaim an inheritance. A disclaimer is essentially a refusal to accept property that would otherwise pass to the beneficiary. For federal tax purposes, a qualified disclaimer must satisfy specific requirements, including being made in writing within a prescribed period and before the beneficiary accepts the property.

• Declining Only Part of an Inheritance: Depending on the circumstances and the structure of the estate plan, a beneficiary may be able to refuse a particular asset or portion of an inheritance while accepting other assets.

When family dynamics enter the equation, preserving peace or maintaining personal boundaries may matter more than the size of a potential inheritance.

An estate planning attorney can help both those creating estate plans and prospective beneficiaries understand their options when personal priorities do not align with the traditional expectation of simply accepting what is given.

Take the Next Step in Your Estate Planning

Whether you're creating an estate plan for the first time or updating an existing plan to reflect changes in your family, finances, or wishes, Strauss Attorneys can help you explore your options and develop a plan that protects your interests and provides peace of mind. Contact Strauss Attorneys today to get started with your estate planning and ensure your wishes are clearly documented.

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¹ Will the Great Wealth Transfer Impact the Markets?, Merrill Lynch, https://www.ml.com/articles/great-wealth-transfer-impact.html (last visited Sept. 30, 2026).

² BofA Study Finds Fewer Gen Z Rely on Family for Financial Assistance, Even With 42% Living Paycheck to Paycheck, Bank of Am. (May 19, 2026), https://newsroom.bankofamerica.com/content/newsroom/press-releases/2026/05/bofa-study-finds-fewer-gen-z-rely-on-family-for-financial-assist.html.

³ Rohan Girvin, The Great Wealth Transfer and Its Implications for the American Economy, Mich. J. Econ. (Apr. 3, 2025), https://sites.lsa.umich.edu/mje/2025/04/03/the-great-wealth-transfer-and-its-implications-for-the-american-economy.

⁴ America’s Declaration of “In Dependence”: More Than Half of Millennials and One-Third of Gen X Still Feel Financially Dependent on Their Parents, According to Northwestern Mutual 2026 Planning & Progress Study, Nw. Mut. (June 1, 2026), https://news.northwesternmutual.com/2026-06-01-Americas-Declaration-of-In-Dependence-More-Than-Half-of-Millennials-and-One-Third-of-Gen-X-Still-Feel-Financially-Dependent-on-their-Parents,-According-to-Northwestern-Mutual-2026-Planning-Progress-Study.

⁵ Amanda Umpierrez, Americans Expect Inheritance to Fund Portion of Retirement, 401(k)Specialist (Aug. 6, 2024), https://401kspecialistmag.com/americans-expect-inheritance-to-fund-portion-of-retirement.

⁶ Kimberly Palmer, How to Plan for a Potential Inheritance, Associated Press (Oct. 3, 2023), https://apnews.com/article/89ac550183964035c81f7bf5e84f0d70.

⁷ David Beren, Only 30% of Americans Ever Receive an Inheritance. Those Who Do Get It at 58, Not 30, Yahoo Finance (June 24, 2026), https://finance.yahoo.com/economy/articles/only-30-americans-ever-receive-204409465.html.

⁸ Brooke Hogan Asked to Be Taken Off Hulk’s Will, Won’t Get Anything from Estate, TMZ Sports (July 29, 2025), https://www.tmz.com/2025/07/29/brooke-hogan-asked-to-be-off-hulk-will.

 

⁹ Sean Neumann, Brooke Hogan Explains Why She Asked to Be Removed from Father Hulk Hogan’s Will, People (Aug. 5, 2025), https://people.com/brooke-hogan-explains-why-she-asked-be-removed-father-hulk-hogan-will-11785446.

¹⁰ Brooke Hogan Asked to Be Taken Off Hulk’s Will, supra note 8.