This study focuses on legacy writing and the development of the life‐history business (e.g., family ghostwriters and writing workshops). A theoretical model is proposed to study the underlying mental processes that lead the elderly to consume such services. This model was empirically tested on a sample of 392 individuals aged from 60 to 92 years. Results highlighted the following: the role of generativity and death preparation reminiscence on identity preservation issues in later life, the strong desire to contribute to collective memories (i.e., to reach people outside of the family circle), and the social nature of the consumption of services that could be considered as a means of sharing emotions. The results of this study will lead to a more in‐depth understanding of consumer behavior regarding the transmission and preservation of the self at end of life, and may also help service providers to improve their products and services.