Money Imbued With Essence: How We Preserve, Invest, and Spend Inherited Money

The unique nature of inherited money is reflected in financial decisions concerning such bequests. A legacy originates in somber circumstances and bears the distinctive characteristics of the deceased. In four experiments and a survey among inheritors we found that people tended to preserve the inheritance; participants were reluctant to spend the legacy on hedonic goods or risk it by investing in the stock market. Inheritors with a close relationship with the deceased were more likely to seek uses congenial to the personality and the values of the departed. The results are discussed in terms of magical thinking and coping with bereavement.