Living Trust Administration Service - Davies Law Firm

From Davies Law Firm - Living Trust Administration Service explores how living trust administration works for families in Syracuse, Central New York, and across New York, breaking down the legal and financial responsibilities that follow the loss of a loved one. This episode walks through the differences between a revocable living trust and an irrevocable living trust, highlighting how trustees manage assets, pay debts, communicate with beneficiaries, and distribute property in accordance with trust terms and New York law, often avoiding the Surrogate's Court process in Onondaga County.

Listeners will gain a clear understanding of how trust administration compares with probate in places such as the Onondaga County Surrogate's Court and the Onondaga County Courthouse on Montgomery Street. The discussion explains timelines, privacy advantages, and why properly funded trusts can streamline administration. It also unpacks the fiduciary duties imposed under EPTL § 11-2.3, including the duty of loyalty, prudent investment, and ongoing communication, helping trustees understand the weight of their role and the risks of personal liability.

The episode also features insights connected to Davies Law Firm’s leadership, including Frederick P. Davies, a graduate of the University of Vermont and Syracuse University College of Law, with experience in the United States Navy and United States Air Force, and William P. Davies, an Albany Law School graduate with advanced training from the University of Miami School of Law. Their backgrounds, along with affiliations like the American Bar Association, New York State Bar Association, and Estate Planning Council of Central New York, shape the firm’s long-standing work guiding families through estate administration, tax filings with the IRS, and compliance with agencies like the New York State Department of Taxation and Finance.

Finally, the conversation dives into practical steps such as inventorying trust assets, handling real property in Syracuse and the Adirondacks, addressing creditor claims, filing Form 1040, 1041, and 706, and managing beneficiary disputes. Whether dealing with assets in Onondaga County, Madison County, or Oswego County, this episode provides a grounded look at how trustees can navigate complex decisions, avoid court involvement when possible, and carry out the intentions of a trust with clarity and structure.

Davies Law Firm

210 E Fayette St, Syracuse, NY 13202

(315) 472-6511

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