By far, the most common and advantageous reason for establishing a trust is to protect inheritance for the future generations. Trusts are specifically established to represent the needs and goals of the creator. There are traditional trusts and specialized trusts to utilize asset protection strategies that will limit estate taxes, aide with creditor protection, and eliminate probate expenses.
The biggest disadvantage of a trust is the expense to set up a trust. However, when compared to the expense of probating a will after death or not taking advantage of estate trust tax strategies year after year, the expense is justified to set up a trust.