THE TRUST DEED. You need to understand every clause and, in particular, ask what's the trustee's skin in the game. Some pitfalls: avoid common-law trusts administered in civil law jurisdictions if administrators are not highly specialized, white-labeled services, i.e., your trustee is not really your trustee but using someone else providing the service. And, also be aware of anti-Bartlett clauses (trustee will not be responsible for specific companies under the trust) if not explicitly needed. Again, take your time; in most cases, only revocable trusts are reversible.
DIVERSIFY. Don't try to solve every issue with one trust. Depending on the assets, they may be better structured with a life insurance policy, with a holding company, or just covered by a provision in a will. You may want to set up a revocable and irrevocable trust depending on the assets to structure. And don't let yourself guide only by tax considerations since tax laws change regularly and rarely for the taxpayer's benefit. As long as you don't pay additional taxes for the trust structure, that's a fair price to achieve your goals.
If you follow these steps, you should maintain focus throughout the process and produce precise and sustainable results such as asset protection, estate planning, and wealth structuring. The arrangement needs to work after your lifetime. That's why simple and bright will do the best job in terms of execution of your wishes.