what are some disadvantages of living trusts 
the downsides of trusts aside from their cost will depend on whether it is a revocable or irrevocable trust each of which serves its own purpose a revocable trust is not sheltered from tax authorities or creditors which limits its usefulness as a way to protect assets while one is still alive an irrevocable trust involves forfeiting all ownership and control of the assets put inside of it along with very little flexibility in how the trust can be directed after it is established the bottom linea living trust can be a very important legal arrangement for people with assets that they wish to control and protect during their lifetimes and beyond normally it provides those who establish and fund them the grantors the power to control and benefit from their assets while living and direct how they should be distributed once they ve passed away living trusts normally bypass the time consuming costly probate process and facilitate the smooth transfer of assets to beneficiaries 