UPI

July 28, 2005

 

Heirs Battle Over Small Items, not Money

A U.S. survey finds that heirs are far more likely to fight over personal possessions than over money.

Age Wave, a market research firm, interviewed 2,600 senior citizens and baby boomers for Allianz Life Insurance, the Los Angeles Times reported.

They found that only 3 percent of baby boomers whose parents have died said money and real estate were the major sources of conflict, while 15 percent said personal possessions and 15 percent following parents' last wishes.

"Many people wrongly assume the most important issue is money," said Ken Dychtwald, president of Age Wave. "While it isn't trivial, it's way down the list."

More than three-quarters of both groups said the most important legacy is "values and life lessons." Only 10 percent of the baby boomers said that money is most important.

Leah Bishop, a trusts and estates lawyer, said while many of her clients are fighting over cash, other battles can often be more bitter.

"I've had $10 million estates, where everyone is fighting over Mom's grand piano," she said. "Everybody is getting enough to buy their own. But they'll spend more than the item is worth fighting over it."