Don't be wary of trusts - they need not be complicated and expensive to run. They are a very effective way of protecting family wealth while gaining valuable tax advantages and have successfully stood the test of time.
Protecting capital
If you want to give away assets to a family member but are worried that it will be squandered you can put the money in a trust instead. That way you can ensure the capital is protected whilst still allowing the beneficiary to enjoy the income and assets for life.
Flexibility
The trust can be as flexible as you like, you can even keep control over the assets by being a trustee. Trusts can also be used in other ways, for example to enable you to give assets away but still retain a right to income.
Trusts are also at the heart of many employee benefit and pension arrangements.