The Businessman Who Almost Put His Family at Risk

Some years ago, I met a businessman — we’ll call him John.

John had done very well in life.

He owned a beautifully renovated family home, a portfolio of five investment properties, and had built a comfortable lifestyle for his wife and three children.

Interestingly, John didn’t believe in pensions or life insurance.

His view was simple:

His investment properties were his pension
The rental income would support him and his wife in retirement
And if he died, those same properties would provide his wife with an income

On the surface, it all made perfect sense.

The Problem Was His Will

When I asked about his will, John explained that he and his wife had “mirror wills.”

In simple terms:

If he died, his half of everything would go to the children
If his wife died, her half would also go to the children

He believed this would reduce inheritance tax.

It was his own idea.

The solicitor had simply followed his instructions.

What Would Actually Have Happened

I asked John to think through the practical consequences.

If he died:

His wife would own 50% of the family home and 50% of each investment property
His children would own the other 50%

That immediately creates a problem.

Legally, the children would be entitled to their share of the rental income.

Even if they didn’t initially ask for it — they could.

And more importantly, circumstances change.

I suggested a scenario:

What if one of the children, perhaps influenced by a partner, decided they wanted “their share”?

That could force the sale of properties — possibly even the family home.

At that point, John paused.

He admitted that one of his children was already in a relationship that concerned him.

The risk suddenly became very real.

The Lesson

This case stayed with me.

Because John wasn’t careless or uninformed.

He was intelligent, successful, and had built significant wealth.

But like many people, he focused on accumulating assets — not protecting them.

Without proper planning, even a well-built estate can unravel quickly.