Henry has established a revocable living trust, which he has only partially funded. Which of the following statements regarding this trust is CORRECT?

I. Any assets that have been transferred to the trust before Henry's death will be subject to probate.

II. Any income from the trust assets is taxable to the trust at trust income tax rates.

III. Any assets that are not transferred to the trust before Henry's death will be subject to probate.

A) I only

B) II and III

C) II only

D) III only