Does My Revocable Living Trust Avoid Ancillary Probate?
If fully funded, your revocable living trust avoids both probate, in your state of residence when you pass away, and ancillary probate, in any other state where you own property. If you don’t fund your trust, it will NOT avoid probate anywhere.
The term “secondary probate” is used to describe probate in a state aside from the state of your last home. If you own a home in Florida in your specific name, however you live and die in New York, secondary probate will be held in Florida and probate will be held in New York.
Ancillary probate suggests two attorneys (one accredited in each state), two courts and two administrators or administrators (one in each state), two sets of fees, and, perhaps, even two different sets of heirs (if state intestacy laws apply.)
You can completely prevent probate and ancillary probate with a completely funded revocable living trust. “Completely funded” means that all of your assets have been funded, or transferred, into the trust.
Non-retirement possessions with titles have the titles changed to the name of the trust. For instance, Brad Pitt’s checking account wouldn’t remain in his name, Brad Pitt, however rather would be transferred to the name of his trust, Brad Pitt, Sole Trustee, or his followers 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. This way, all possessions would be controlled by the provisions in the trust.
Assets that typically trigger supplementary probate are time shares, vacation homes, condominiums, and any personal effects such as home furnishings and vehicles owned in another state.
If you want to prevent probate and supplementary probate, make sure that your revocable living trust is fully moneyed and seek advice from with a certified estate planning lawyer.