I read a Q&A today in which someone asked a trust officer whether there are some people who should not have a trust. The officer went over the pros and cons, and I thought I'd share some with you here.
The biggest pro is that anything in a trust avoids probate. This means that you avoid probate costs and time delays, and that you can maintain the privacy of your assets. An estate whose assets are entirely in a trust can be settled in about an hour in the privacy of your attorney's office.
The biggest con is that a trust requires some maintenance. They can be expensive to set up, although they are generally affordable for most families. (Many attorneys offer flat rates and payment plans!) You have to make sure that assets are titled properly and that the trust is actually funded, but your attorney can help you with this.
A really great book that explains the Living Trust in English (as opposed to Legalese) is The Living Trust, by Henry W. Abts, III. If you're interested in using a trust as an estate planning or asset management tool, but are not quite sure yet, I'd check it out.