IRD is currently renewing existing rules on debt forgiveness, and proposed changes could result in possible income tax implications where the primary beneficiary is a trust or charity. Check with your trust advisor on this point, as IRD has yet to make a final decision. Also, ask for an indication of the likely on-going costs. To set up a trust you need clear reasons. Get the trust set up by a professional with experience in this area, whether it is a lawyer or a trustee company.
Trusts take time to establish.
The later you leave it, the less protection they may offer. Ask yourself, will these costs negate the value of setting up the trust. Keep enough cash or investments in your own name to meet your personal needs.