The High Council of Notaries (CSN) released a study on September 22 about the "great transmission" of assets in France from 2025 to 2040. The report estimates that approximately 620 billion euros of assets will likely be transferred during this time, with a median projection of 6,191 billion euros. The range of estimates varies widely, from 5,100 billion euros in a low scenario to 7,558 billion euros in a high scenario. The study was based on a survey of notaries conducted between May 5 and May 16, 2026, with 1,270 responses from 17.1% of notary offices. The CSN combined these responses with data from Insee, the French national statistics office, and the General Directorate of Public Finances (DGFiP). The CSN acknowledges that current statistical tools do not allow for a complete understanding of how inheritances, donations, and life insurance policies affect the transmission of assets. This lack of comprehensive data introduces uncertainty into the projections by 2040. The CSN's estimate is lower than other recent forecasts, such as the Horizon 2040 white paper from the Paris Notary Chamber, which predicted nearly 9,000 billion euros of assets to be transferred by 2040. The CSN's method starts with the 159.3 billion euros transmitted at death in 2018, using a model from DGFiP, and adjusts these figures based on Insee's death projections and assumptions about asset growth. The median scenario projects 3,096 billion euros transmitted at death over the period, which the CSN estimates represents about half of the total transmission, resulting in approximately 6,200 billion euros. The study highlights a key distinction between assets that can be transferred and those subject to inheritance taxes at the time of death. It notes that a significant portion of asset transfers occurs during the donor's lifetime. According to the survey, 27.2% of inheritances were preceded by one or more donations, with the first donation typically occurring at age 64, averaging around 300,000 euros. This amount is close to the average asset value observed at death, estimated at 307,500 euros. Additionally, more than 60% of inheritances handled by notaries do not involve any inheritance tax payments, indicating that tax exemptions significantly limit the portion of assets subject to taxation. Life insurance policies are another significant channel for asset transfer, often managed outside the formal inheritance process. As of the end of August 2026, the outstanding value of these policies reached 2,171 billion euros, according to France Assureurs. The cost of aging, including the financing of long-term care and end-of-life support, is also influencing how people plan for the future. The study estimates that, under a stable legal framework, the annual flow of inheritances would increase by less than 30% compared to the period between 2018 and 2024. Inheritance and gift taxes currently contribute about 4.5% to the state's total tax revenue, according to the CSN, and their potential increase is unlikely to significantly reduce the public deficit. The CSN concludes that while there will be a "greater transmission" of assets, it will not result in a "tax windfall" for the government. The notaries suggest that promoting and facilitating early asset transfers should be a priority, as this can support family solidarity and boost the economy. However, the CSN's projections are highly dependent on the assumptions made, with nearly 2,500 billion euros separating the low and high scenarios. The CSN plans to continue contributing to discussions on how to better encourage the anticipation of asset transfers.