Fedimint has a doc on this.

Clearly there’s a trade-off from self custody onchain however neighborhood custody will not be the identical as leaving your funds on a big (usually KYC) centralized change from both a safety perspective or a privateness perspective. To what extent the neighborhood is superior to the change can be decided by your evaluation of the neighborhood you’re trusting.

With Lightning too there may be this idea of a “Uncle Jim” the place a trusted relative manages a household’s Lightning channels in order that not each particular person has to fret about liquidity and understanding the intricacies of the Lightning Community. That mannequin may not be for you both however relying on you and your loved ones’s skillset that could be of curiosity.

Christian Decker went by way of among the varied custodial and non-custodial Lightning node setups at Advancing Bitcoin 2022.