Family trust pros and cons uk
One of the primary disadvantages of a family trust is the cost required to establish and maintain it. While, technically, you can create a family trust without the assistance, it is not recommende particularly if you have a large or complex estate. Confidentiality – Family trust are not publicly registered and therefore can be kept confidential. Disadvantages of Family Trusts. The following are a number of the disadvantages of having a family trust : Loss of ownership of assets – If you transfer your personal assets to a trust , then the trustees of that trust will control the assets. Trusts can be complicated structures with tax implications, and you should always seek legal advice before setting one up. There are two main types of trust that you might choose to set up: a will trust , created upon your death, or a lifetime trust , which you establish during your lifetime. We explain the pros and cons of both. What are the pros and cons of a family trust? Are living trust