If Variety is to be believed, this will happen:
The sequel, titled “It’s a Wonderful Life: The Rest of the Story,” is being financed by Allen J. Schwalb of Star Partners who will also produce along with Bob Farnsworth of Hummingbird. The duo are aiming to get the movie into theaters for the 2015 holiday season.
Karolyn Grimes, who played George Bailey’s daughter “Zuzu” in the original, will return for the “Wonderful Life” sequel as an angel who shows Bailey’s unlikeable grandson (also named George Bailey) how much better off the world would have been had he never been born.
So, according to the sequel, cute little Zuzu grew up, died bitter and old, and became a geriatric Erinye, hounding the Earth’s jerks into submission.
I’m afraid that if the plot of their new movie is “Angel shows heartless prick why world would have been better off without him”, it’s already been done, in a way that’ll be hard to top, by Stephen Fry and Hugh Laurie in “It’s a Soraway Life”: