SYRACUSE, NY – November 09, 2026 – Families who create a living trust often assume the document remains effective indefinitely, but a trust must stay current to serve its intended purpose. Syracuse living trust attorney Frederick P. Davies of Davies Law Firm (https://davieslawfirm.com/living-trust-maintenance-checklist-new-york/) has released guidance on conducting an annual living trust review, addressing missing assets, outdated provisions, and beneficiary updates that can undermine an otherwise well-prepared estate plan. The article walks families through a step-by-step checklist covering trust assets, funding, beneficiary designations, successor trustees, tax filing issues, document storage, and major life changes.
According to Syracuse living trust attorney Frederick P. Davies, a trust prepared years ago may fail to reflect new accounts, property sales, or changes in family circumstances such as marriages or deaths. “An annual review is the simplest way to confirm that a trust still matches a person’s current assets, family relationships, and tax situation,” Davies explains. “Skipping regular reviews is what leaves assets outside the trust and creates delays later.”
Syracuse living trust attorney Frederick P. Davies notes that tax thresholds also shift over time, making yearly review important for planning purposes. New York’s estate tax basic exclusion amount is set at $7,350,000 for dates of death on or after January 1, 2026, and reviewing these figures annually helps determine whether updates are needed to maintain a family’s tax-planning goals.
The firm recommends beginning each review with the trust’s asset schedule, sometimes called the inventory or Schedule A. Attorney Davies advises going through the schedule line by line to confirm listed assets still exist, remove any property that has been sold, and add newly acquired assets such as a home, a brokerage account, or inherited property. When investment or real estate values have increased significantly, the plan may need to account for potential estate tax exposure.
A separate and frequently overlooked step is confirming that assets are actually funded into the trust. Simply listing an asset on the schedule does not place it in the trust; transferring legal title or updating a beneficiary designation is required, depending on the asset type. “Funding is where many trusts fall short,” Davies points out. “A home must be held by a deed naming the trust, and accounts must be registered in the trust’s name. If that step is skipped, the asset can end up in probate.” Under EPTL Section 7-1.18, a lifetime trust is valid as to assets that have been transferred to it, which underscores the importance of completing each transfer.
Davies also emphasizes reviewing beneficiary designations each year, including both primary and contingent beneficiaries. Retirement accounts, life insurance policies, and certain annuities pass directly to the person named on the account form rather than through the trust, so a family that updates a trust after a divorce, remarriage, birth, or death may still overlook an older account designation. Reviewing both trust beneficiaries and account-level designations helps prevent assets from reaching an unintended recipient.
The successor trustee deserves annual attention as well. This is the individual who manages the trust if the trustor becomes incapacitated or passes away, and circumstances can change. “A person named several years ago may have moved, developed health concerns, or taken on new responsibilities,” Davies observes. “Confirming that the chosen trustee is still willing and able to serve, and that a backup can step in, helps avoid delays and court involvement.” Some families name an adult child as the primary successor trustee and a trusted person or professional fiduciary as an alternate.
The Syracuse estate planning firm also addresses trust tax filing questions. While the trustor is alive and the trust is revocable, it is treated as a grantor trust, and its income is reported on the trustor’s personal return. After the trustor’s death, the trust may become irrevocable, obtain its own taxpayer identification number, and may be required to file federal Form 1041 and a New York fiduciary income tax return using Form IT-205, depending on how the trust is treated for federal purposes and applicable filing thresholds.
Attorney Davies notes that document storage and life changes round out the checklist. The signed original trust, amendments, asset schedule, deeds, and beneficiary forms should be kept in a secure, accessible place, with the successor trustee informed of the location. Major events such as marriage, divorce, birth, adoption, a death in the family, or a move out of New York generally call for an immediate update rather than waiting for the annual review. In New York, a divorce automatically cancels most inheritances or roles granted to a former spouse unless the paperwork states otherwise. In New York, probate matters proceed through the Surrogate’s Court, and Syracuse residents are served by the Onondaga County Surrogate’s Court.
For families wanting to keep their estate plans accurate, reviewing a living trust with a qualified estate planning attorney may help confirm that funding, beneficiaries, and trustee choices remain aligned with current wishes. Davies Law Firm serves families throughout Syracuse, Onondaga County, and the broader Central New York region.
About Davies Law Firm:
Davies Law Firm is a Syracuse-based estate planning firm founded in 1993 by Frederick P. Davies, with attorney William P. Davies focusing on trusts, probate, and related estate matters. The firm assists families across Onondaga County and Central New York with living trusts, estate planning, probate, long-term care, Medicaid planning, and taxation. Its office is located at 210 E Fayette St in Syracuse. For consultations, call (315) 472-6511.
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Company Name: Davies Law Firm
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Phone: (315) 472-6511
Address:210 E Fayette St, Syracuse, NY 13202
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State: New York
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Website: https://davieslawfirm.com/