When to Update a Living Trust in New York - Davies Law Firm
Note sull'episodio
From Davies Law Firm - When to Update a Living Trust in New York explores how life changes, evolving tax laws, and shifting personal goals can impact the effectiveness of your estate plan. Centered in Syracuse and serving families throughout Central New York, this episode draws directly from the firm’s guidance to explain why a living trust is not a one-time document but a plan that requires ongoing attention. Listeners will gain a clear understanding of how outdated provisions can affect beneficiaries, trustees, and asset distribution.
Attorneys Frederick P. Davies and William P. Davies share insights shaped by decades of experience in estate planning, estate administration, and taxation. The discussion highlights key legal frameworks such as the New York Estates, Powers and Trusts Law (EPTL) § 7-1.16 and § 7-1.17, along with important considerations surrounding revocable trusts, amendments, and restatements. The episode also touches on the role of institutions like the Syracuse University College of Law, Albany Law School, and the University of Miami School of Law in shaping legal expertise, while emphasizing practical steps families can take to keep their plans aligned with current laws.
Listeners will learn how major life events—such as marriage, divorce, birth, death, or relocation—can trigger the need for a trust review. The episode explains how New York statutes like EPTL § 5-1.1-A affect spousal rights, and why beneficiary designations, retirement accounts like IRAs, and real estate transactions recorded with the Onondaga County Clerk’s Office must be carefully coordinated. It also explores how avoiding probate through the Onondaga County Surrogate’s Court depends on proper trust funding and asset titling.
The episode concludes with a breakdown of tax considerations, including the 2026 New York estate tax exclusion of $7,350,000, federal thresholds, and gift tax rules. It also addresses the importance of keeping supporting documents like a Power of Attorney under New York General Obligations Law § 5-1501B and a Health Care Proxy under New York Public Health Law § 2981 up to date. Designed for individuals and families across Onondaga County and beyond, this podcast provides actionable guidance to help ensure your estate plan continues to protect your legacy and reflect your intentions.
Davies Law Firm
210 E Fayette St, Syracuse, NY 13202, United States
(315) 472-6511