Does My Revocable Living Trust Avoid Ancillary Probate?
If completely funded, your revocable living trust prevents both probate, in your state of home when you pass away, and secondary probate, in any other state where you own property. If you do not fund your trust, it will NOT prevent probate anywhere.
The term “ancillary probate” is utilized to describe probate in a state other than the state of your last home. For example, if you own a house in Florida in your private name, however you live and pass away in New York, supplementary probate will be kept in Florida and probate will be held in New York.
Ancillary probate suggests two legal representatives (one accredited in each state), 2 courts and two executors or administrators (one in each state), two sets of costs, and, perhaps, even 2 different sets of successors (if state intestacy laws use.)
You can absolutely avoid probate and secondary probate with a totally moneyed revocable living trust. “Completely funded” suggests that all of your assets have actually been funded, or transferred, into the trust.
Non-retirement possessions 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 moved 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 call Angelina Jolie as the recipient, however rather would name Brad’s trust, Brad Pitt, Sole Trustee, or his followers in trust, under the Brad Pitt Living Trust, dated June 3, 2011. This way, all possessions would be managed by the provisions in the trust.
Assets that commonly cause supplementary probate are time shares, trip homes, condos, and any personal property such as furnishings and cars owned in another state.
If you wish to avoid probate and supplementary probate, ensure that your revocable living trust is fully moneyed and talk to a certified estate planning lawyer.