What Happens to a Living Trust After Death? - Davies Law Firm

From Davies Law Firm - What Happens to a Living Trust After Death? explains what occurs when the trustor of a properly funded revocable living trust dies and a successor trustee assumes responsibility for administering the trust. Syracuse estate planning attorneys Frederick P. Davies and William P. Davies discuss how New York law affects living trusts, including the Estates, Powers and Trusts Law (EPTL), Surrogate’s Court, probate, fiduciary duties, trust assets, beneficiaries, debts, final expenses, and the transition of a revocable living trust into an irrevocable trust.

The episode examines the responsibilities of a successor trustee in New York, from obtaining certified death certificates and reviewing the original trust document to notifying beneficiaries, securing property, contacting financial institutions, and inventorying and valuing assets. It also covers residential and rental real estate, bank accounts, certificates of deposit, investment and brokerage accounts, LLCs, partnerships, and personal property. Frederick P. Davies and William P. Davies explain why assets properly titled in a living trust generally avoid probate, while property left outside the trust may require a proceeding in New York’s Surrogate’s Court, even when a pour-over will is part of the estate plan.

Listeners will also learn how debts, creditor claims, funeral and medical expenses, taxes, and trust distributions can affect administration. The discussion addresses the IRS, Employer Identification Numbers (EINs), Form SS-4, Form 1040, Form 1040-SR, Form 1041, New York Form IT-205, federal estate tax, and New York estate tax. It also explores ongoing sub-trusts, surviving-spouse rights, prudent asset management, recordkeeping, beneficiary communications, trustee liability, and the potential consequences of distributing trust property before valid debts, expenses, claims, and tax obligations have been resolved.

Drawing on the estate planning and trust administration work of Davies Law Firm in Syracuse, Onondaga County, Central New York, and throughout New York, the episode highlights the backgrounds of Frederick P. Davies, founder and senior attorney of Davies Law Firm, P.C., and William P. Davies, a partner at the firm. Their experience encompasses Syracuse University College of Law, Albany Law School, the University of Miami Law School, the United States Navy Judge Advocate General (JAG) program, the Air Force Reserve, the American Bar Association, the New York State Bar Association, and the Estate Planning Council of Central New York. The episode offers families, beneficiaries, and successor trustees a practical overview of living trust administration, probate avoidance, tax filings, fiduciary responsibilities, and the process of ultimately transferring trust assets to beneficiaries.

Davies Law Firm

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