Risk associated with a small development

I have been reading a lot about trusts and asset protection. For a small development: buy house, wait 3/4 year, develop 3 THs (using a builder doing everything), hold for at least 4/5 years (maybe sell one), what are the risks pushing you towards setting up a trust? Do you really need asset protection? Who can sue you? I assume if you do a development you`ll set up an insurance as safety net. I am struggling to see the risks especially if a contract with a builder is set up correctly. I know there is the benefit of distributing the profits to the beneficiaries, however let`s assume the person doing the development has minimal income and is the person who will get 100% of the trust distributions anyway. Shouldn`t be better to develop under personal name so you get the negative gearing and save all the costs & time related to setting up and maintaining a trust? I am sure I am missing something.