Bequest Expectations: Evidence from the 1989 Survey of Consumer Finances

This study uses the 1989 Survey of Consumer Finances to examine the effects of respondents' characteristics on their expectations of receiving inheritances and leaving bequests, based on altruistic bequest theory. The results of logistic regression analysis suggest that respondents' sociodemographic characteristics such as education, marital status, race, presence of living parents, and number of siblings significantly affect their anticipation of receiving an inheritance. People's expectations of leaving a bequest are found to be positively and significantly related to the value of nonliquid asset holdings, education, marital status, and positive attitude toward bequests but inversely associated with the total number of children in the household and being disabled. Those who are self-employed and middle-aged are more likely to anticipate leaving bequests.