Bequest motive

?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????A bequest motive seeks to provide an economic justification for intergenerational transfers of wealth: in other words, to explain why people leave money behind when they die.??????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????
Which theory most realistically represents the intentions of estate planners is unclear. It is hard to test the theories empirically as data about wealth holdings is hard to find.???????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????
;Possible explanations

The most common explanation is altruism: the disposer gains some form of satisfaction from knowing that his/her heirs will enjoy their inherited wealth: for instance if a parent leaves the family home to their child.
Another common explanation is accidental bequest. This theory was developed by economists Yaari and Davies.?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? Here it is not assumed that the disposer gains any specific benefit from leaving a bequest, but rather that the disposer knows
*neither when he or she will die,
*nor what his/her income and expenses will be while alive,
Finally, "exchange bequest" occurs when the testator engages in a sort of strategic game in which potential beneficiaries must render a service in exchange for the promise of inherited wealth. The most widely read model of exchange bequest was published by Bernheim, Summers and Shleifer.?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????