Knowing your boundaries is an important factor in financial planning, this morning I had a person I know reasonably well call with a proposal to do something they thought made absolute sense.
It did to a point, however they’re a blended family, complete with his and her kids…and his and her money. It wasn’t as simple as they believed.
The proposed ‘solution’ came with risks and had holes in it’s logic. While I could identify the risks, the ‘holes’ needed specific legal advice to plug them.
They’re working with a legal firm to update their Wills, but the latest ‘proposal’ hasn’t been discussed with their legal eagles. The proposal is much more complex than they think, and comes with mutual obligations so needs a complex estate planning solution; not financial advice.
My recommendation to the client was…’speak with your solicitor about X. It could be what you need, but I can’t give you that type of advice’.