One key to family estate planning with regard to children is communication and fairness. While most financial planners will agree that leaving equal shares to children is the best approach, not every circumstance is the same. New Jersey estate planning often involves consideration of different family dynamics in deciding how an inheritance should be divided. The issues can be as diverse as the family structure itself, and to avoid probate litigation, individuals will want to communicate clearly with their heirs.
When planning their estates, many New Jersey residents encounter the predicament of one child having far outdistanced the other economically. If a daughter has achieved financial success as a business executive, should her share of an inheritance be reduced in favor of a son who chose a career in social work? And if so, how does a person plan for the vagaries of life? What if, for instance, the daughter becomes ill and can no longer work, or the son switches careers and makes a financial windfall?