A living will only covers what happens upon your death, whereas a trust can also provide for things like incapacity or disability during your lifetime. A trust will protect your assets from being drained through costly estate taxes after you die. Trusts can be used to manage and distribute assets for beneficiaries who may not be able to handle them independently. If you have children, a trust can help ensure that they are taken care of financially, even if something happens to you and their other parent. A trust can help keep your affairs private in a way that a will cannot. Trusts offer more flexibility than wills when designating guardians for minor children.