Published on Jul 23, 2025
Trust or family asset fund? How can you protect your family assets?
Gazzani Studio
The trust and the family patrimony fund are both legal instruments aimed at protecting and segregating assets for specific purposes, with common features but also significant differences that make them suitable for different situations and family needs.
Main points of difference and comparison by Studio Gazzani
Aspect | Family Patrimony Fund | Trust |
|---|---|---|
Legal basis | Institution of Italian law, governed by the Civil Code (Arts. 167 et seq.) | Institution of Anglo-Saxon origin, recognized in Italy through the Hague Convention |
Constituent parties | Only spouses (marriage required) | Can be established by anyone (including individuals, entities, not only family members) |
Purpose | Meeting the needs of the family | Broader: family protection, succession planning, creditor protection, benefits for vulnerable persons |
Duration | Linked to the duration of the marriage, ends with divorce or death (except for minor children) | Free duration, set by the settlor, may last for years and beyond |
Assets that may be contributed | Only real estate, registered movable property, and registered securities | Any asset: real estate, movable property, company shares, financial instruments, money |
Management of assets | Managed directly by the spouses | Entrusted to a trustee who acts according to the trust deed |
Protection from creditors | Limited: assets can be seized for debts incurred for family needs, burden of proof on the spouses | Very broad: assets separated from the settlor's, trustee's and beneficiaries' estates; not attachable except through revocatory action |
Effects on ownership | The spouses retain ownership of the assets | Legal ownership transferred to the trust, separate from the parties involved |
Form of establishment | Public deed (or will if by third parties), bound by solemn form | Private deed or public deed, more flexible and less formal |
Enforceability against public authorities | Not enforceable for tax and social security debts/contributions | Generally enforceable unless in cases of abuse |
In summary
The family patrimony fund is a simpler and leaner instrument, specific to the protection of family assets within the framework of marriage. It is ideal for immediate and short-to-medium-term needs, with stricter constraints and narrower protection.
The trust is a more flexible and powerful instrument, suitable for complex asset planning, with more effective asset segregation and the ability to manage assets and beneficiaries even without family relationships. It can be used for multiple purposes, from protecting vulnerable persons to business management.
Relevance for the protection of family assets
The trust allows stronger protection of assets from possible creditor claims and greater control over long-term management; the family patrimony fund is a valid means of protection in marital contexts, but with limits in duration and scope.
Therefore, the choice depends on:
Family composition and structure (marriage or otherwise)
Desired duration of the protection
Type and complexity of the assets
Specific purposes of protection and asset management
An in-depth review and analysis with the team of experts at Studio Gazzani
