If you have minor children, you probably need a will to suggest or nominate a guardian for them. While only a court can appoint a guardian, courts strive to implement your wishes in this regard if you have stated them. Won't affect nonprobate assets. Like a will, a revocable living trust won't control the disposition of jointly owned property, life insurance, pension benefits or retirement plans payable to a beneficiary, and other nonprobate property. Won't protect your assets from creditors.
Creditors can attach the assets of a revocable living trust.
Won't necessarily protect your assets from disgruntled relatives. While it is harder to challenge a living trust than a will, a relative can still bring suit to challenge the trust on grounds of fraud, undue influence, or duress. Won't entirely eliminate delays. A living trust might well lessen the time it takes to distribute your assets after you die, but it won't completely eliminate delays. Many state laws impose a waiting period for creditors to file claims against estates of people with living trusts.