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.