What Is the Difference Between a Living Trust and a Will? - Davies Law Firm

From Davies Law Firm - What Is the Difference Between a Living Trust and a Will? explains the key differences between two essential estate planning tools available to families across Central New York. In this episode, listeners will learn how a living trust and a will function under New York law, including when each document takes effect, how assets are transferred, and why many families in Syracuse and Onondaga County choose to incorporate both into a comprehensive estate plan.

The discussion explores how a living trust allows assets to be managed during your lifetime and distributed without going through Onondaga County Surrogate's Court, while a will becomes effective only after death and must pass through the probate process governed by the Surrogate's Court Procedure Act (SCPA) and EPTL § 3-2.1. The episode explains how trustees and executors operate, what probate involves, and why timelines and court supervision can significantly impact how estates are settled in New York.

Listeners will also hear insights from Frederick P. Davies and William P. Davies of Davies Law Firm, who help families throughout Central New York, including Syracuse, Madison County, Oneida County, Cortland County, Oswego County, and Cayuga County. Their backgrounds include Syracuse University College of Law, Albany Law School, and the University of Miami School of Law, and the conversation highlights practical considerations such as privacy concerns, trust funding, and the role of pour-over wills in a complete estate plan.

The episode also addresses real-world planning considerations such as probate timelines, statutory executor commissions under SCPA § 2307, and privacy implications when estates become public record. It also discusses firearm reporting requirements under SCPA § 2509 and the role of the New York State Division of Criminal Justice Services (DCJS), helping listeners understand how estate planning decisions can affect their families. By the end of the episode, listeners will have a clearer understanding of how wills, living trusts, and thoughtful planning can help protect assets and guide families through the estate planning process in New York.

Davies Law Firm

210 E Fayette St, Syracuse, NY 13202, United States

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