Baby Boomers and their parents are more interested in passing down family history and stories than personal possessions.

The 2012 Allianz Life Insurance Company of North America American Legacies Pulse Study found that 86 percent of boomers (ages 47 to 66) and 74 percent of people over age 72 agreed that family stories are the most important aspect of their legacy, ahead of personal possessions (64 percent for boomers, 58 percent for elders) and the expectation of inheritance for financial well-being (9 percent for boomers, 14 percent for elders).

Both groups also agree that an inheritance is not "owed." Only 4 percent of boomers surveyed said they felt their parents owed them an inheritance. The percentage of elders who felt they owed their children an inheritance went down from 22 percent in 2005 to 14 percent today. This change could stem from elders being more concerned about potentially using more of their savings for living expenses, the report found.