Living Trust vs. Testamentary Trust: Which Is Right for You? - Davies Law Firm
Episode notes
From Davies Law Firm - Living Trust vs. Testamentary Trust: Which Is Right for You? breaks down how these two estate planning tools differ in New York, particularly when it comes to timing, probate, privacy, and control over assets. The episode explains that a living trust takes effect during your lifetime once it is signed and funded, while a testamentary trust exists only as instructions inside a will and cannot take effect until after death.
Listeners will hear how Surrogate's Court plays a central role in testamentary trusts, since a will must be admitted to probate before the court can authorize a fiduciary or trustee to act. The discussion also touches on New York's execution requirements under EPTL § 3-2.1, and how challenges to those formalities can delay an entire estate plan. By contrast, a properly funded living trust can help assets pass without New York Surrogate's Court approval, though a pour-over will may still be used as a backup for unfunded assets.
The description also covers privacy differences between the two trusts, noting that a living trust can keep terms, beneficiaries, and asset details outside the public court record, while a testamentary trust becomes part of the probate record once the will is admitted to Surrogate's Court. This distinction is especially relevant for blended families, business owners, and Syracuse families who want to limit what becomes public.
Syracuse estate planning attorneys Frederick P. Davies and William P. Davies of Davies Law Firm help families understand how living trusts, testamentary trusts, and wills affect probate, privacy, and asset management. Listeners considering their options are encouraged to schedule a consultation with Davies Law Firm to review their assets, family needs, and probate concerns before deciding how to move forward.
Davies Law Firm
210 E Fayette St, Syracuse, NY 13202
(315) 472-6511