Trust For Personal Residence?

I would like to know the pro's and con's of placing your own personal residence into a trust.

What about Income tax? Any benefit to owning residence versus owning a trust?

My wife and I are branching out into two seperate new small businesses, the trust would provide some amount of protection, right? Why?

Can we just fill out some forms, see a notary and have a trust? Does it need to own a bank account?

Thanks in Advance for your knowledge and any links.

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