Study Says Stories are Most Valued Inheritance

In a 2012 survey by the Allianz Life Insurance Company of North America, it was determined that family stories are more important to many than material inheritance.

The American Legacies Pulse Study surveyed baby boomers (age 47-66) and elders (72+) and concluded that 86% of baby boomers and 74% of elders surveyed deemed their family’s stories the most important facet of their legacy.

Stories beat our personal possessions and financial inheritance for the top spot, and money was found to be the least significant aspect of inheritance for both age groups.

While baby boomers and elders agree on the importance of a family history, there tends to be a larger disconnect when it comes to the actual preparation of one’s estate.  A significant 75% of elders have previously obtained the services of an estate planning professional, and 79% have discussed their estate plan with their children. Less than 50% of baby boomers have consulted an estate planning attorney or other professional, and a similar number has not participated in a dialogue with their children regarding their will.

While they may not be actively planning for the future, both baby boomers (84%) and elders (82%) agree on the importance of having a living will and health care proxy, providing instruction of their wishes if they become unable to make their own decisions.

While elders may be more apt to feel the necessity of having an estate plan in place, it is something that everyone should think about sooner rather than later. While stories can be passed to family easily and with little effort, an estate plan will prevent your legacy from being misrepresented.  Stories are meant to be shared and can be told and passed on to many. Your financial legacy is not so easily handled and will be in the hands of the courts if you do not have an estate plan prepared.

Although many boomers have yet to establish an estate plan, they do agree with elders on what they look for when choosing a professional to help with the task.  Both boomers and elders desire an estate planner who is “honest and trustworthy” – with a startling 89% of boomers and 91% of elders making it their top priority.   At Fields and Dennis, we understand their concern and we are always here to help.