Personal or Company asset?

Mrs_pbradley936

When my husband took early retirement( he was a Director of a company) we were advised to put all investment assets into our joint personal names because we would not need to have a secretary, submit lengthy accounts, appoint auditors etc. and the accounting would be streamlined and simple. We are very happy with the arrangements, do not plan a divorce or anything and if either one of us dies the other inherits without complications. All well and good BUT when we die should we leave our assets to our sons personally OR arrange for them to go into a company or Trust?

Why do people do that? I am looking for the advantages and disadvantages.

keeprenting

Could you clarify the question? Do you and your husband own the company of which he was a director (and want to know whether it is worth continuing to leave the company in place)? Or are you considering setting up a new company from scratch? Furthermore, what investment assets do you have?

Mrs_pbradley936

No the company he had has now gone, (a younger director bought him out). A new company or Trust would have to be set up. The assets are properties residential and commercial my main worry/concern is for my grandchildren because one son is hopeless with money while the other is quite clued up. I want to treat them fairly but fear that my son that cannot manage his money will fritter away any money that comes his way. If we can leave him a property that he can live in himself or rent and have the income that would suit me. But I don't know if that is legal/feasible/advisable.