What do inheritors really want?

According to a recent national survey of baby boomers and their WWII-era parents, non-financial items that parents leave behind-like ethics, morals, faith and religion-are ten times more important than the money. In fact, 77% of the adult children said the most important inheritance they could receive or pass on would be values and lessons about life.

The life insurance company Allianz surveyed baby boomers and their parents about their attitudes on everything from the importance of fulfilling last wishes to passing on real estate and assets.

"Many people wrongly assume that the most important issue among families is money and wealth transfer -- it's not," said Ken Dychtwald, a gerontologist, and designer of the survey. "What we found was the memories, the stories, the values were 10 times more important to people than the money."

While Boston College's Center on Wealth and Philanthropy estimates baby boomers and their parents will transfer wealth and other assets worth at least $41 trillion dollars to family members and charities over the next 47 years, that was not the most important issue to those individuals polled in the study.

Some 77 percent of those polled in the study -- baby boomers, who ranged in age from 40 to 59, and elders, age 65 and older -- said the most important inheritance they could receive or pass on would be values and lessons about life.

While both boomers and elders said they felt confident talking about these subjects, less than one-third of either group had comprehensive discussions about all the issues related to inheritance.