In some countries (UK, AU off the top of my head) you pay an inheritance/death tax when your parents pass, unless they gifted you their wealth several years pri

In some countries (UK, AU off the top of my head) you pay an inheritance/death tax when your parents pass, unless they gifted you their wealth several years prior to death (7 years?). Likewise with means-tested public healthcare & retirement systems, you can find yourself having to spend almost every cent you’ve earned over the years on paying for carers, medical, retirement housing etc. Whereas those without any wealth will get the same, but paid for by the state. In these cases it makes sense to reallocate most of your wealth to your family (responsible child or younger sibling etc) well in advanced of, say, plans to move to a retirement home. Ring fencing your money to protect it both for your benefit and your family. It also avoids squabbles over the will if everyone has already received their inheritance well in advance of your death. If you’re in the unfortunate position of no trusted family member to take care of your finances then that’s a different ball game.