Does My Revocable Living Trust Avoid Ancillary Probate?
If totally moneyed, your revocable living trust avoids both probate, in your state of house when you die, and ancillary probate, in any other state where you own property. If you don’t fund your trust, it will NOT prevent probate anywhere.
The term “secondary probate” is utilized to explain probate in a state other than the state of your last house. For instance, if you own a home in Florida in your individual name, however you live and pass away in New york city, secondary probate will be held in Florida and probate will be held in New York.
Ancillary probate means two legal representatives (one licensed in each state), two courts and two administrators or administrators (one in each state), two sets of costs, and, possibly, even 2 different sets of heirs (if state intestacy laws apply.)
You can totally avoid probate and supplementary probate with a totally moneyed revocable living trust. “Fully funded” indicates that all of your assets have actually been funded, or moved, into the trust.
Non-retirement possessions with titles have the titles changed to the name of the trust. For example, Brad Pitt’s checking account wouldn’t stay in his name, Brad Pitt, but rather 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 properties, life insurance, and annuities would not call Angelina Jolie as the beneficiary, however rather would call Brad’s trust, Brad Pitt, Sole Trustee, or his followers in trust, under the Brad Pitt Living Trust, dated June 3, 2011. This method, all assets would be managed by the provisions in the trust.
Assets that frequently trigger ancillary probate are time shares, villa, condominiums, and any personal effects such as furniture and vehicles owned in another state.
If you wish to prevent probate and supplementary probate, ensure that your revocable living trust is totally moneyed and consult with a competent estate planning attorney.