There would not be a confiscation. In the worst case, there would be a forced sale to government at current prices, in which case you would buy a tangible asset (like a house, silver or oil) if inflation was not under control by the time.
I do not think it will happen. I think one day a little bit of these trillions will be used by the central banks to buy gold. The price will double, and then double again, and they have reached two goals: their gold assets are revalued at realistic levels so that they are not bankrupt anymore, and they have more of those assets because of their purchase.