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Although recent research suggests that intergenerational transfers play an important role in aggregate capital accumulation, our understanding of bequest motives remains incomplete. We develop a simple model of strategic bequests in which a testator influences the decisions of his beneficiaries by holding wealth in bequeathable forms and by conditioning the division of bequests on the beneficiaries' actions. The model generates falsifiable empirical predictions that are inconsistent with other theories of intergenerational transfers. We present econometric and other evidence that strongly suggests that bequests are often used as compensation For services rendered by beneficiaries.

Tell me, my daughters (Since now we will divest us both of rule, Interest of territory, cares of state), Which of you shall we say doth love us most, That we our largest bounty may extend Where nature doth with inerit challenge …