A study by the Conseil supérieur du notariat (CSN), published on Tuesday, estimates that nearly 6,200 billion euros of property could be transferred in France between 2025 and 2040. This period, known as "the great transfer," is driven by the aging and passing of the baby boomer generation, who will be 80 years old or older by then. The CSN arrived at its estimate by combining data from INSEE, France's national statistics office, and the Direction générale des finances publiques, along with reports from notarial offices. The median estimate is 6,191 billion euros, with a lower estimate of 5,100 billion euros and a higher one of 7,558 billion euros. This amount is more than two years of France's GDP, which was 2,991 billion euros in 2025, and nearly 1.8 times the total French public debt, which reached 3,536 billion euros in early 2026. It also represents about 40% of the net property currently held by French households, estimated at 15,505 billion euros at the end of 2025. The study notes that property transfers are not limited to inheritances at death. More than a quarter of inheritances, or 27.2%, were preceded by at least one gift. The first gift typically occurs at an average age of 64 years and 3 months, involving about 286,000 euros. At the time of death, the average "inheritable assets" left are estimated at 307,500 euros, not including any property transferred earlier through gifts. The notaries clarify that more than 60% of inheritances do not result in any inheritance tax payments. This is partly due to numerous exemptions and deductions in French law. For example, a child can receive up to 100,000 euros from each parent without paying inheritance taxes, and a surviving spouse or partner in a civil solidarity pact is completely exempt. Taxes are calculated based on the net share each heir receives, after debts and exemptions are considered, not the total value of the deceased's estate. Life insurance is another key factor. Funds paid to beneficiaries under life insurance contracts follow a different principle from inheritances and are not included in the classic category of inheritable assets. They also benefit from specific taxation rules that vary depending on when the premiums were paid. As a result, the 6,200 billion euros of property expected to change hands by 2040 is not a straightforward area for the state to apply inheritance tax rates. The CSN challenges the idea that this wave of inheritances could provide an immense "fiscal windfall" for public finances. The transfer will occur gradually over 15 years, and even with current legislation, the increase in annual inheritance flows is expected to be less than 30% compared to the 2018-2024 period. Inheritance and gift taxes currently account for only about 4.5% of total tax revenues, and the CSN concludes that the increase from this transfer "cannot contribute decisively to the recovery of public finances." Notaries collected 36.15 billion euros in taxes and fees in 2024, paid to the state and local authorities. They advocate for facilitating anticipated transfers to support family solidarity and boost the economy, while also noting that funding for end-of-life care and dependency may affect the amount of property that can be transferred and influence family decisions.