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The Businessman Who Almost Put His Family at Risk

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

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John had done very well in life.

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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.

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

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His view was simple:

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  • 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

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On the surface, it all made perfect sense.

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The Problem Was His Will

 

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

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In simple terms:

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  • 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.

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The solicitor had simply followed his instructions.

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What Would Actually Have Happened

 

I asked John to think through the practical consequences.

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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.

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

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

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And more importantly, circumstances change.

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I suggested a scenario:

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

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

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At that point, John paused.

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

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The risk suddenly became very real.

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The Lesson

 

This case stayed with me.

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Because John wasn’t careless or uninformed.

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

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

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

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