Trust for Family members
In recent years, the trusts are becoming more well-known due to its features that can override inheritance tax and gift tax which is otherwise is taxable against the beneficiaries under certain jurisdiction if it is transferred via will.
In lieu of this, aristocrats often choses to pass on their inheritance to their children via trusts instead of will. Even though venturing into trust involves recurring cost such as service fees, however it is still considered cost effective as it provides more benefits such as tax savings and confidentiality.
Those who are considered as high-risk profiles, protecting their accumulated wealth from being attached to any litigation is a normal concern. Hence, placing their wealth in trust will indirectly alienate the assets from such claims as the ownership is transferred to the trust and settlor does not have any legal rights over the assets.
As for family businesses, placing their shares in the form of trust will ensure its continuance despite any potential disputes amongst the family members as well as bankruptcy. Hence, placing the shares in the form of trust will not on benefit the family members as beneficiaries but will also preserve the family business for generations to come.