Most people have heard of a family trust, however many don’t take the time to look into what it actually is and how it works assuming that it’s reserved for the wealthy.

The truth is, a family trust can be an excellent option to owning an entire portfolio in your own name. That’s because it is an ownership structure that gives family members a means to pass control of their assets to the next generation as part of an estate planning tool while also offering some lucrative tax and asset protection benefits. However, as is the case with all investment strategies, they are not for everyone and there are some cons as well as all the pros.

This article provides an overview of everything you need to know about family trusts, including the risks, costs, benefits and how to set one up.

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