Living Trust California: 2026 Costs, Benefits & How to Set One Up Attend a Free Estate Planning Workshop As life circumstances change, we may need to update trust provisions to reflect new goals or financial situations. Careful selection of trust assets helps balance protection, accessibility, and tax efficiency. While revocable living trusts offer several estate planning benefits, they have limitations when it comes to asset protectio Special Provisions: When to Include Them in Your Estate Plan For grantor trusts, which is when the creator of the trust is the owner, the grantor pays taxes on trust.5 The beneficiary is the eventual recipient and owner of the assets in the trust. When you set up a trust and put your assets into it, you are the grantor. They also help protect your assets from having to go through the probate process after your death, which can be time-consuming and stressful for your loved ones. The items can all be released at one time or each doled out at a specific time, depending on what you outlined in your trust documents. After your trust documents have been created and signed, you’ll likely be required to show them to a bank or financial institution prior to opening an account. What are the Steps for Setting Up a Living Trus Comprehensive Financial Planning Steven collaborates with attorneys, CPAs and financial advisers to design tax-efficient solutions that preserve and protect multigenerational wealth. Steven Bowles, CLU®, is the founder of Catalyst Advisory, an independent wealth transfer and estate planning advisory firm. Heirs can benefit equally from a pool of assets without dividing and splitting everything apart, which often results in lost value. This may involve a family LLC, a trust or shared governance of family assets. Dividing assets, especially illiquid ones like real estate and businesses, often forces a sale.