Does My Revocable Living Trust Avoid Ancillary Probate?
If fully funded, your revocable living trust avoids both probate, in your state of home when you die, and ancillary probate, in any other state where you own property. If you do not fund your trust, it will NOT prevent probate anywhere.
The term “secondary probate” is utilized to describe probate in a state besides the state of your last house. If you own a house in Florida in your specific name, however you live and die in New York, supplementary probate will be held in Florida and probate will be held in New York.
Ancillary probate implies two lawyers (one licensed in each state), two courts and 2 administrators or administrators (one in each state), 2 sets of fees, and, possibly, even two various sets of heirs (if state intestacy laws apply.)
You can absolutely prevent probate and ancillary probate with a completely funded revocable living trust. “Fully funded” implies that all of your possessions have been funded, or moved, into the trust.
Non-retirement assets with titles have the titles altered to the name of the trust. Brad Pitt’s bank account would not remain in his name, Brad Pitt, however instead would be transferred to the name of his trust, Brad Pitt, Sole Trustee, or his successors in trust, under the Brad Pitt Living Trust, dated June 3, 2011.
In addition, Brad Pitt’s retirement assets, life insurance coverage, and annuities would not name Angelina Jolie as the beneficiary, however instead would call Brad’s trust, Brad Pitt, Sole Trustee, or his followers in trust, under the Brad Pitt Living Trust, dated June 3, 2011. In this manner, all possessions would be controlled by the provisions in the trust.
Assets that typically trigger secondary probate are time shares, getaway homes, condos, and any personal effects such as house furnishings and cars and trucks owned in another state.
If you wish to avoid probate and secondary probate, make certain that your revocable living trust is totally moneyed and seek advice from a certified estate planning lawyer.