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Vernon – Nov 13
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As a New Yorker, you’ve worked hard for your assets, and you want to feel confident that they’ll be protected and passed on to your loved ones just as you wish. While a will is an important part of any estate plan, a revocable trust offers a unique level of control, privacy, and efficiency. It’s an adaptable legal tool that can be a valuable addition to your plan, designed to address the specific concerns that are unique to you and your family.
For many people, the choice to create a revocable trust is about more than just paperwork; it’s about peace of mind. You are creating a plan that honors your wishes and takes care of the people who matter most. Our skilled Syracuse revocable trusts lawyers from Davies Law Firm stand ready to assist. We can provide you with the personal guidance you need to create a tailored and nuanced trust that honors your goals and protects the best interests of you and your beneficiaries.
Contact our Onondaga County estate lawyers today at (315) 472-6511 to start the conversation about your family’s future.
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For many people, the term “trust” can sound complicated or like something only the very wealthy use. In reality, a revocable living trust is a flexible and powerful estate planning tool that can benefit many individuals and families, regardless of their net worth.
A revocable living trust is a legal document you create during your lifetime to hold and manage your assets. The term “living” means you establish it while you are still alive. The word “revocable” is particularly important because it gives you complete control over the trust. This means you can change, amend, or even terminate the trust. You’re not locking your assets away forever; you remain in charge of them. This type of trust is a popular choice among New Yorkers because of its flexibility and ability to avoid the lengthy and public probate process.
Adding a revocable living trust to your estate plan allows you to manage your assets during your lifetime and ensure a smooth, private transfer of those assets to your loved ones after you’re gone. A well-drafted trust provides peace of mind and simplifies things for your family at a difficult time.
A revocable trust agreement is the legal document that sets out the rules for how your assets are managed. It’s a comprehensive document that must be carefully drafted to reflect your wishes and comply with New York State law. It should outline:
This agreement acts as the rulebook for how your affairs will be managed. It can cover everything from your home in Syracuse or Utica to investment accounts, personal belongings, and even family heirlooms.
A revocable trust involves three key roles, though you can hold all of them at the same time.
When you’re ready to secure your family’s future, our skilled Central New York revocable trusts attorney from Davies Law Firm can help. We can answer your questions, draft a document that aligns perfectly with your goals, and guide you through the process of transferring your assets into the trust.
Contact us today at (315) 472-6511 to begin your comprehensive estate plan.
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We went to a Living Trusts seminar in 2006 where we first met Fred Davies. After some insightful discussions with him, and as we wanted to protect our assets for our and our children’s’ futures …
Bill Davies could not have been more helpful after my mother’s passing. He walked us through everything we needed to know. Such a relief to have had his expertise on how to move forward with the trust. I still call…
I’m extremely satisfied with the Davies Law Firm. They have always been extremely professional and courteous and have answered my phone calls in a timely manner manner.
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A good estate plan is only as strong as the people who create it. At Davies Law Firm, you will be working with a team that combines decades of experience, a commitment to precision, and a history of service. We service Syracuse and all the surrounding New York Counties: from Onondaga, Madison, Oneida, Cortland, Oswego, to Cayuga.
Frederick P. Davies, founder of Davies Law Firm, offers decades of legal experience rooted in a distinguished military career. As a former U.S. Navy Judge Advocate General’s Corps officer, he began his legal work in estate planning and litigation. After nearly three decades of service across multiple branches, including a senior instructor role at the Air Force’s legal education center, he established his firm in Central New York in 1993. The firm has since become a trusted resource for clients seeking guidance on revocable trusts, elder law, and probate.
Mr. Davies provides clear, strategic advice to families throughout the region. With over 1,000 presentations on topics like Medicaid, taxes, and long-term care, his public speaking and extensive professional affiliations, including the American Bar Association and the Estate Planning Council of Central New York, demonstrate a deep commitment to educating and serving his community. His background ensures clients receive comprehensive guidance grounded in discipline and precision.
William P. Davies is a partner at Davies Law Firm, who brings a high level of academic rigor to estate planning. A magna cum laude graduate of Albany Law School, he later earned an L.L.M. in Estate Planning from the University of Miami. Mr. Davies has contributed to the firm since his teenage years and now advises clients in both New York and Florida on wills, trusts, and tax strategies. His work on revocable trusts and other planning instruments helps clients establish a clear, secure plan for their assets.
In addition to his legal practice, Mr. Davies is an active member of the legal community. He has presented at numerous legal education events and served as President of the Estate Planning Council of Central New York. His scholarly background includes published legal commentary for Thomson Reuters (WestLaw), Law Surveys for Syracuse Law Review, and served in editorial roles for the Albany Law Review. This combination of deep legal knowledge and commitment to professional service provides clients with precise and effective legal counsel.
Fred Davies, Colonel, USAF (retired), former Estate Planning Subject Matter Expert for the U.S. Air Force.
My daughter hosted a seminar for The Davies Law firm in 2002 and my husband and I attended. At the time, we worked with Fred and his team to put a plan in place…
After hearing Fred Davies at a trust seminar, my husband and I worked with the firm to set up a trust. It was a very good experience. Everyone was very helpful, courteous, knowledgeable and efficient. Recently a friend…
The Davies Law firm has been a great help to us in dealing with some of the intricacies of the law. They have always been courteous and well informed and prompt to respond to our calls…
As you plan for your future, you’re likely considering how to protect your assets and provide for your loved ones. While a will is an important tool, a revocable trust offers distinct advantages that are particularly useful in New York. A revocable trust provides a level of control, privacy, and efficiency that a will simply can’t match. It can truly make a difference for your family when they need it most.
In New York, when a person dies with a will, their estate must go through a formal legal process called probate. This process, which takes place in the Surrogate’s Court, can be time-consuming and expensive. Your assets can be tied up for months or even years while court fees, legal fees, and other administrative costs eat away at the value of the estate. A revocable trust, on the other hand, allows your assets to be transferred to your beneficiaries without going through probate. This means your family can receive their inheritance faster and with less financial drain.
A significant distinction between a will and a revocable trust in New York is privacy. Once a will is filed with the Surrogate’s Court for probate, it becomes a public record. Anyone can access the document to see a list of your assets, who your beneficiaries are, and how your property is being distributed. For many people, this lack of privacy is a major concern. A revocable trust, however, is a private document. Its terms and the details of your estate are not made public, which can provide a great deal of comfort and security for you and your family.
Life is unpredictable, and a serious illness or injury could leave you unable to manage your own financial affairs. This is where a revocable trust truly shines. While a will only takes effect upon your death, a trust provides instructions for asset management during your lifetime. You can name a successor trustee who can step in to handle your financial matters if you become incapacitated. This avoids the need for your family to go to court to have a guardian or conservator appointed, a process that is often costly, stressful, and public. A revocable trust provides a smooth and private transition of control, ensuring your bills are paid and your assets are cared for as you would wish.
Instead of leaving your family to face probate delays, court costs, and unwanted public scrutiny, you can create a revocable living trust that keeps everything on track and under your control. At Davies Law Firm, a Central New York revocable trusts attorney can work closely with you to design a plan that reflects your goals and provides lasting security for your loved ones.
Take the next step toward protecting your future and schedule a telephone conference today. Call us at (315) 472-6511.
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My husband and I used Fred Davies to prepare our Wills, Trust, Health Care Proxies and Powers of Attorney. He and his staff are informative, professional and friendly, and we felt completely at ease with taking this…
My husband Ken and I highly recommend the Davies Law Firm. We first met them at a free seminar and quickly decided to work with them on our Living Trust…
The Davies Law Firm helped my 86 year old father create a Trust about two years before he passed. I was there for the entire process and Fred and Bill were very personable and listened to my father’s concerns…
When you’re ready to create an estate plan, one of the biggest decisions you’ll face is whether to use a will, a revocable trust, or both. While a will has been a traditional choice for generations, a revocable trust offers certain protections and flexibilities that may make it the better option for your specific circumstances. Both documents allow you to direct where your property goes, but they function in very different ways.
A will is a legal document that only takes effect after your death. This means it has no legal authority to manage your assets or property while you are still alive. With a will, your estate must go through the probate process, a public, court-supervised procedure that can be lengthy and expensive in New York.
A revocable trust, on the other hand, is active the moment you sign it and fund it with your assets. It provides a legal framework for managing your assets during your lifetime. When you die, the property in the trust can be distributed to your beneficiaries privately and efficiently, without the need for court intervention. This distinction offers you more control over your property, both now and in the future.
A “pour-over” will is a legal document that works in conjunction with a revocable living trust. While the primary goal of a revocable trust is to hold and distribute your assets privately and without the need for probate, it’s easy to forget to transfer every single asset into the trust’s name.
The purpose of a pour-over will is to address any assets that you owned at the time of your death that were not already titled in the name of your trust. This could include a new bank account you opened, a piece of jewelry you inherited, or even a vehicle. The will directs that all of these remaining assets “pour over” or be transferred into your existing trust.
It’s important to note that any assets passing through the pour-over will are subject to the New York probate process. However, because the will is designed to catch only those assets you may have missed, the probate process is often much faster and less costly than it would be for a full estate. It also prevents any of your property from being distributed according to New York’s intestacy laws, which dictate how assets are divided when a person dies without a will. This ensures that all of your property, no matter where it is located, is ultimately distributed according to the terms of your trust.
Additionally, a pour-over will allows you to name a legal guardian for any minor children, which a revocable trust cannot accomplish on its own.
If you own real estate in New York and also have a home or property in another state, using a will to distribute it can create a major hassle for your loved ones. When you die, your heirs would have to go through a separate legal process called ancillary probate in each state where you own real estate. This means more court fees, more attorney costs, and significant delays. By transferring your out-of-state properties into a revocable trust, you can bypass ancillary probate entirely. This allows your beneficiaries to receive the property quickly and with far less stress, as the trust maintains control over the asset regardless of its physical location.
For many, the choice between a will and a revocable trust isn’t a simple one. But for people with out-of-state property, those with minor children, or those who want to avoid the public nature of probate, a revocable trust paired with a will is a powerful combination. We can help you understand how these documents work together to achieve your unique goals and provide for your loved ones. Contact a skilled Central New York revocable trusts attorney from Davies Law Firm to discuss the right path for you.
| Aspect | Will | Revocable Trust |
|---|---|---|
| When It Takes Effect | Only after death | Active once signed and funded |
| Control During Lifetime | No authority to manage assets while alive | Allows management and control of assets during lifetime |
| Probate Requirement | Must go through probate (public, can be lengthy and expensive in New York) | Avoids probate; assets distributed privately and efficiently |
| Privacy | Public process through probate | Private distribution without court involvement |
| Level of Control | Directs distribution only after death | More control now and in the future |
Fred Davies, Colonel, USAF (Ret.), served as a JAG officer and was the U.S. Air Force’s Estate Planning Subject Matter Expert.
Excellent Law Firm and I have enjoyed working with Fred and Bill Davies. I have mostly worked with Bill and found him, much like his father, to be very professional and responsive to my needs..
When I needed to move my mother from NY to FL to care for her and then find a nursing home facility nearby , applying for Medicaid became my responsibility…
Fred Davies and his team are friendly, attentive, and go out of their way to help their clients make the best decisions possible. Their guidance and explanations on setting up a revocable trust were very much…
Creating a revocable trust can seem like a daunting task, but when you work with the right attorney, it becomes a clear, step-by-step process. You’re not just signing a document; you’re building a legal structure that will protect your family and your assets for years to come. Our goal is to make this process as straightforward and comfortable for you as possible, from our very first meeting to the final signature.
Your journey to a revocable trust begins with a detailed conversation with us. During this telephone conference, you’ll review your assets, such as your home, investment accounts, or business interests, and consider who should benefit from them in the future. This initial review helps us to get a complete picture of your estate so we can design a trust that is tailored to you. There’s no one-size-fits-all approach to this; your trust must reflect your unique circumstances and goals.
A trust is only effective if it actually holds your assets. This step is known as funding the trust. It may involve:
In Central New York, this process must follow state laws for deeds, titles, and financial accounts. Taking these steps now helps your trust work the way it’s intended, so your family avoids the delays of probate later.
As the grantor, you will typically be the initial trustee of your revocable trust. This gives you full control over your assets during your lifetime. However, you must choose a successor trustee who will step in to manage and distribute the trust’s assets after your death or if you become incapacitated.
This is a very important decision. Your successor trustee should be someone you trust completely to follow your wishes, act responsibly, and handle your financial affairs. We’ll discuss the qualities you should look for in this person and help you select the best fit for your situation.
Starting your revocable trust is about taking control of your legacy. It’s an act of care for yourself and your loved ones. We are here to simplify the process and give you confidence in your plan. If you’re ready to start building your trust, contact our experienced Central New York revocable trusts attorneys at Davies Law Firm to schedule a telephone conference.
A revocable trust is not just a tool for avoiding probate; it’s a versatile instrument that can be tailored to meet a wide range of personal and family goals. It allows you to create a plan that addresses specific situations, from protecting your children’s inheritance to managing property you own in different places. Using a trust strategically can allow you to create a truly customized plan that provides for the people and causes that matter most to you.
In a blended family, where you or your spouse has children from a prior marriage, a revocable trust is a powerful tool for fairness. New York law gives a surviving spouse certain rights to your estate, which may not always align with your wishes for your children. A revocable trust, however, can provide for your surviving spouse during their lifetime, while clearly designating that the remaining assets will go to your children after your spouse’s death. This approach helps prevent potential family disputes and ensures your intentions are written down. It’s a way to provide for everyone you love, without one group of beneficiaries feeling they’ve been overlooked.
If you have minor children or a loved one who may not be ready to manage an inheritance, a trust can provide a critical layer of protection. Without a trust, a court-appointed guardian would control any inheritance left to a minor, which can be an impersonal and inflexible process. With a revocable trust, you can establish clear guidelines for how and when the money is to be used. For example, you can direct the trustee to use funds for educational expenses, healthcare, or living costs, and then release the remaining assets when your child reaches a certain age. This gives you control even when you’re no longer around to protect their financial well-being.
Owning real estate in a state other than New York can create significant headaches for your family after you’re gone. When a person dies owning property in multiple states, their family often has to go through a separate probate proceeding, known as ancillary probate, in each state where the property is located. This means more legal fees, more court costs, and more delay. Placing your out-of-state properties into a revocable trust can bypass this costly and time-consuming process entirely. The trust holds title to the property, which can then be distributed privately and efficiently without court intervention.
If you have a child or family member with special needs, your revocable trust can be structured to include provisions for creating a Supplemental Needs Trust (SNT) upon your passing. This important feature allows part of your estate to be used for your loved one’s benefit without jeopardizing their eligibility for government programs such as Medicaid or Supplemental Security Income (SSI).
Without this planning, an outright inheritance could be considered a “countable asset,” potentially disqualifying your loved one from receiving vital public benefits. A Supplemental Needs Trust, established from your revocable trust, ensures that inherited funds are managed properly, paying for services and items not covered by government assistance, such as education, recreation, travel, personal care, and other quality-of-life enhancements.
While a revocable trust is not considered an asset protection tool that shields your property from your own creditors during your lifetime, it does offer some protection for your beneficiaries after your death.
Because a trust is a private agreement that is not subject to public probate, it is generally more difficult to challenge than a will. If someone wants to contest your will in New York, they can file a formal objection in Surrogate’s Court, a process that can be costly and can tie up your estate for years. Having a well-drafted revocable trust can provide a stronger legal defense, making it harder for a disappointed heir to challenge your plan in court.
A revocable trust is an adaptable tool that can be used to address your family’s specific needs and protect your legacy. It’s a way to plan ahead with care.
For an in-depth conversation on how a trust can be tailored to your unique family, property, or long-term goals, schedule a telephone conference with one of our skilled Central New York revocable trusts attorneys at Davies Law Firm. Call (315) 472-6511 today.
Creating your revocable trust is an important first step, but it’s not a “set it and forget it” solution. A trust is an active document that requires ongoing attention to remain effective. We want you to feel confident in your plan, and that means understanding what comes next, both for you as the initial trustee and for your loved ones who will eventually take over. This includes knowing your duties, how to make changes, and what to expect regarding taxes.
As the grantor of a revocable trust, you are also the initial trustee. This means you hold a fiduciary duty to yourself and the trust. While this may sound complicated, it essentially means you are required to manage the trust’s assets responsibly and for the benefit of the trust’s beneficiaries. In New York, this includes several key responsibilities.
These responsibilities come with legal obligations under New York law, which means the trustee must act in the best interest of the beneficiaries at all times.
A major benefit of a revocable trust is the flexibility it provides. As your life changes, your trust can change with it. A revocable trust can be altered or canceled at any time, as long as you are alive and mentally competent. In New York, any changes must be made in writing and must be executed with the same legal formalities as the original trust. This often means having it notarized.
Each of these steps requires the right legal documentation to make sure your intentions are honored.
Upon your death, a revocable trust does not automatically provide a tax advantage. Assets in a revocable trust are still considered part of your gross estate for both federal and New York State estate tax purposes. It’s your successor trustee’s responsibility to manage the trust administration, which includes filing all required tax returns, paying any taxes owed, and distributing assets to your beneficiaries. This is a complex and precise process. In New York, the estate tax exclusion amount changes each year, so a thorough review of your estate’s value is required. The successor trustee must also provide a full accounting to the beneficiaries to show how the trust assets were managed and distributed.
The true value of a trust is its ability to grow and change with you throughout your life. It gives you the power to adapt your plan as your family and financial situation evolve. We can help you with ongoing support, making sure your trust remains up-to-date and effective for years to come. Please connect with a skilled Central New York revocable trusts attorney from Davies Law Firm to discuss managing your trust and your family’s future.
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The Davies Law Firm handled the closing of the sale of our family home after the death of our dad. Everyone involved made a very difficult situation as painless as possible…
The Davies Law Firm is way more than you expect from any lawyer. Fred is very thorough and that’s an understatement. He is very informative and always available to help. They set up our Living Trust…
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When you consider establishing a revocable trust, it’s natural to have questions about who can best guide you. Working with an attorney who is familiar with your area, like Central New York, provides distinct benefits for you and your family as you prepare for the future.
Every legal matter, including estate planning, requires someone who is deeply familiar with the relevant laws. In New York, the rules governing trusts and estates can be quite specific. A local attorney who focuses on this area of law will have a solid background in New York’s legal statutes, including numerous cases involving similar circumstances in your region. This knowledge extends to the local court systems and the processes for a smooth administration of your trust. This insight can be a valuable asset for you. We are familiar with New York rules and the courts in Onondaga County, Madison County and all the surrounding counties.
A revocable trust is a highly personal document. It’s not a one-size-fits-all solution. Your unique family situation, financial standing, and personal goals all play a part in creating a trust that truly works for you. A local attorney can meet with you face-to-face, getting to know you and your family. This personal connection helps them tailor the trust to meet your specific needs. Your attorney can provide a more dedicated and attentive approach to your case.
A revocable trust is not a static document. It is a living instrument that may need to be modified as your life changes. As you go through major life events, like the birth of a child, the sale of a property, or the passing of a loved one, your trust may need adjustments. Having a relationship with a local attorney means you have someone to turn to for this type of ongoing guidance. You won’t have to start from scratch with a new person each time you need an update. Your attorney will be there to advise you as your circumstances evolve.
Choosing a Central New York revocable trusts attorney from Davies Law Firm means you’re partnering with a professional who is dedicated to helping you protect your family’s future. Our attorneys can provide the dedicated counsel you deserve. Schedule a telephone conference today about securing your legacy.
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Called inquiring about whether or not to hire a lawyer. Mr. Davies patiently listened to what I was explaining and offered me some suggestions to try before heading down a legal …
Fred Davies is a lawyer who cares about his clients. We worked with him on our trust and he was organized, supportive and helpful. He never hesitated to answer any questions that we …
My husband and I had some questions about the wording of distribution of assets from our trust after our deaths. Since we now reside in TN, we scheduled a phone call with Attorney Bill Davies. He clearly…
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When you work with us, you’re getting a partner with a long history of helping families in Central New York. Since 1993, we have provided comprehensive estate and tax planning to residents across the region, including the surrounding counties of Onondaga, Madison, Oswego, Oneida, Cortland, and Cayuga. This means we know not just New York law, but also the practical, local issues that matter to your family.
We take a clear and straightforward approach to fees. We offer flat-fee pricing for many of our estate planning services, including revocable trusts. This transparency means you’ll know what you’re paying beforehand, with no hidden charges or surprise costs. This approach is designed to take a lot of the financial stress out of the process for you.
You’ll also get the peace of mind of an ongoing relationship with our firm. After your trust is complete, you have a team you can call as life changes. We offer free lifetime phone calls for clients, so you’re never left on your own when questions arise. This kind of consistent support is part of our commitment to your long-term confidence.
Our firm’s leadership, including our founder, Frederick P. Davies, brings a background informed by both civil law and decades of public service as a Judge Advocate General (JAG) in the U.S. Air Force. This provides a foundation of rigorous training and real-world responsibility. We are also prepared for cases that are more complex than the norm, such as those involving properties in multiple states or unique family situations. We plan for the nuances, not just the basics.
When it comes to your family’s financial security, you are building a legacy that will last. Your estate plan should reflect the care and thought you’ve put into every aspect of your life. A skilled Central New York revocable trusts attorney from Davies Law Firm can provide you with the personal guidance you need to create a tailored and nuanced trust that honors your goals and protects the best interests of you and your beneficiaries.
Contact us today at (315) 472-6511 to schedule a telephone conference, and let’s talk about you and your family’s future.
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