Living Trust Annual Maintenance Checklist - Davies Law Firm
Note sull'episodio
From Davies Law Firm - Living Trust Annual Maintenance Checklist walks families through the steps needed to keep a living trust current, covering trust assets, funding, beneficiary designations, and successor trustees. Syracuse living trust attorneys Frederick P. Davies and William P. Davies explain why an annual review matters, from confirming trust assets and titling to reviewing beneficiary designations that may otherwise fall out of step with life changes such as marriage, divorce, birth, or death in the family.
The checklist begins with reviewing the assets listed on the trust's Schedule A, confirming that real estate, bank accounts, investment accounts, business interests, and personal property are accurately reflected and properly titled. It also addresses New York's estate tax basic exclusion amount of $7,350,000 for dates of death on or after January 1, 2026, and how rising asset values may affect estate tax exposure. Placing assets into the trust is treated as a separate step from simply listing them, since real estate must be held by a deed naming the trust, and bank, investment, and business interests must be properly registered or assigned to avoid becoming subject to probate through the Surrogate's Court, including the Onondaga County Surrogate's Court on Montgomery Street.
Beneficiary designations are also part of the annual review, including both primary and contingent beneficiaries named in the trust as well as those tied directly to retirement accounts, life insurance policies, and certain annuities. Because these assets can pass outside the trust based on the designation listed on the account or policy form, Davies Law Firm emphasizes reviewing both trust-level and account-level designations each year to keep them aligned with current family circumstances and estate planning goals.
Frederick P. Davies, Esq. brings an academic and legal background to this estate planning guidance, holding a Bachelor of Arts in political science from the University of Vermont and admissions in New York and Connecticut. Families across Syracuse and Onondaga County looking to keep a living trust properly amended and funded can turn to this checklist as a guide for reviewing assets, funding, and beneficiary designations on an annual basis.
Davies Law Firm
210 E Fayette St, Syracuse, NY 13202
(315) 472-6511