Fully 86% of baby boomers and 74% of Americans aged 72 and older said family stories and keeping their family history alive is the most important piece of their legacy, according to a 2012 survey conducted for Allianz Life Insurance Co. of North America. And 64% of boomers and 58% of elders said family mementos and heirlooms are a key inheritance. Just 9% of boomers said they’re eager to inherit money, and 14% of elders said financial assets are an important legacy to leave. The findings closely matched a similar Allianz survey in 2005.
As you can imagine, feelings can be hurt when it comes to one-of-a-kind items of family history significance. While “stories” can be shared and enjoyed by everyone in the family, how should you handle family “artifacts”?
Well, what is the takeaway?
With the increased boomer interest in family legacies, do not neglect planning for the mementos and heirlooms that are themselves tangible treasures of such legacies.
