Family Investment Companies vs Trusts - choosing your best option

For every business owner and entrepreneur, there will come a time to start thinking about how your assets and wealth can be passed effectively to future generations. An effective investment structure can help you achieve this and secure your legacy.
Family Investment Companies (FICs) and Trusts are two different types of investment structures that facilitate the accumulation and transfer of wealth, in a tax efficient manner.
FICs have become popular due to the tax benefits they provide which can create significant savings. However, they will not be suitable for all families and can become tax inefficient in some circumstances.
How do you decide which type of investment structure is best for your circumstances?