If the beneficiary of a trust will receive all of the income and principal from the trust, the value of the trust is just the current value of the trust’s assets. If ownership of the income and principal is split, one must calculate the net present value of all future payments from the trust to the beneficiary. The net present value calculates how much you would need to invest now in a risk-free investment, to cover the cost of all future payments to you from the trust.