If you are planning to disinherit one of your children or grandchildren, you may be better off with a living trust because there is nothing filed at the courthouse. Also, it is a little harder to contest a living trust than a will. Many people are interested in doing as much as possible to prevent a successful challenge to their estate plan. If you own property in another state, you can avoid a costly probate proceeding in that state by transferring the property to a living trust. Depending on how many different types of properties and accounts you own, it can take quite some time to switch everything over to the name of your living trust.
Wills are usually shorter and simpler to understand than living trusts.
Also, with a will, you can sign it and forget about it. But with a living trust, you need to put your property into the trust and run your life out of it for as long as you live. For many people, this downside outweighs all the potential benefits. A year after you set up the living trust, you may decide you don't want it any more. At this point, you will need to return to every bank and brokerage house, and undo everything you did to establish the trust.