Does My Revocable Living Trust Avoid Ancillary Probate?
If completely moneyed, your revocable living trust prevents both probate, in your state of home when you pass away, and supplementary probate, in any other state where you own property. If you do not money your trust, it will NOT avoid probate anywhere.
The term “ancillary probate” is used to explain probate in a state besides the state of your last house. For instance, if you own a house in Florida in your specific name, however you live and die in New York, supplementary probate will be kept in Florida and probate will be held in New York.
Ancillary probate means two attorneys (one accredited in each state), two courts and 2 executors or administrators (one in each state), two sets of costs, and, perhaps, even 2 different sets of beneficiaries (if state intestacy laws use.)
You can absolutely prevent probate and ancillary probate with a completely funded revocable living trust. “Totally moneyed” indicates that all of your possessions have been moneyed, or moved, into the trust.
Non-retirement possessions with titles have the titles altered to the name of the trust. Brad Pitt’s bank account wouldn’t remain in his name, Brad Pitt, but rather 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 possessions, life insurance, and annuities would not name Angelina Jolie as the beneficiary, 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. By doing this, all properties would be controlled by the arrangements in the trust.
Assets that typically trigger supplementary probate are time shares, holiday homes, condos, and any personal property such as house furnishings and cars and trucks owned in another state.
If you want to avoid probate and ancillary probate, make certain that your revocable living trust is totally moneyed and talk to a qualified estate planning attorney.