This paper adds voluntary bequest motives to the standard life-cycle portfolio choice model with uninsurable labor income and borrowing constraints. The simulation results show that voluntary bequest motives have little impact on the portfolio decision, compared to the standard model. Introducing high risk aversion in the model, bequest motives seem to play a significant role in the portfolio decision. Since poor people are more risk averse than average, their portfolio decisions seem to be significantly more sensitive to bequest motives than those of the rich.