Welcome to Elliott-George Estate Planning.
Our story is one of personal experience, about how a lack of planning, or planning with bad advice, can lead to the loss a life's work in a very short time indeed. It's what motivated me to join the estate planning industry when the opportunity arose, and it is what keeps me striving to provide the best possible advice and service for our clients.
Someone once told me that wealth is lost by the 3rd generation and before I became an estate planning consultant, I saw first-hand just how easy it is for an inheritance to be squandered. And, I'm not talking about a couple of thousand pounds here, this was easily into a six-figure sum of money.
The deceased told me that his intention was to leave the majority of his wealth to one person, so that they would be financially secure for the rest of their life, and that he'd made a Will to that effect. Unfortunately, his Will was written such that it made an absolute gift (which is a gift without any reservations or conditions attached) to the beneficiary. This meant that the beneficiary was able to do exactly as they pleased with the cash. It took just 16 months for the money to be spent.
The ideal solution would have been to create a Trust within his Will, and make this person the beneficiary of the Trust, with Trustees to manage the money. The money could have been invested to provide a long-term income, and this would certainly have been more in-line with what the deceased told me was their intention. It was a classic case of preparing wealth for the next generation, but not having prepared the next generation to receive the wealth.
I believe in the power of estate planning. I believe in it because as an advisor I've seen the positive effects on the lives of beneficiaries, when estate planning has been done properly. I'm passionate about helping protect assets from threats, of which there are many, and I'm passionate about helping my clients sleep easily, knowing that if things go wrong, they are insulated from the worst outcomes because they have had good advice.