Living Trust vs. Probate: How a Funded Trust Reduces Probate Time and Costs - Davies Law Firm
Notas del episodio
From Davies Law Firm - Living Trust vs. Probate: How a Funded Trust Reduces Probate Time and Costs explains how a properly funded revocable living trust can help Syracuse and Central New York families avoid probate, reduce Surrogate’s Court involvement, preserve privacy, and transfer assets more efficiently. The episode examines how probate works in New York, including court filings, statutory fees, executor commissions, creditor claims, and the administration steps required before beneficiaries receive estate assets.
Frederick P. Davies, Esq., and William P. Davies, Esq., discuss which assets may pass through the Onondaga County Surrogate’s Court and which may transfer outside probate through joint ownership, payable-on-death designations, transfer-on-death designations, beneficiary designations, or a living trust. Listeners will also learn how New York’s seven-month creditor period, contested wills, real estate issues, accounting disputes, and missing information can delay estate administration.
The episode explains why trust funding is essential, from recording a deed with the Onondaga County Clerk’s office to retitling bank and brokerage accounts in the name of the trust or trustee. It also compares living trust planning with probate costs under the New York Surrogate’s Court Procedure Act and Estates, Powers and Trusts Law, including filing fees, statutory executor commissions, attorney work, appraisals, accounting, deed work, and property expenses.
Davies Law Firm also outlines when a living trust may make sense for Syracuse homeowners, blended families, people seeking greater privacy, and individuals who own property in multiple states. The discussion covers successor trustees, pour-over wills, voluntary administration for qualifying estates with $50,000 or less in personal property, creditor concerns, ancillary probate, and the importance of creating an estate plan that is properly drafted, funded, and aligned with a family’s assets and goals.
Davies Law Firm
210 E Fayette St, Syracuse, NY 13202
(315) 472-6511