If fully moneyed, your revocable living trust avoids both probate, in your state of house 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 “supplementary probate” is used to explain probate in a state other than the state of your last residence. If you own a home in Florida in your specific name, but you live and pass away in New York, ancillary probate will be held in Florida and probate will be held in New York.
Ancillary probate suggests two lawyers (one certified in each state), 2 courts and 2 executors or administrators (one in each state), two sets of charges, and, possibly, even two different sets of beneficiaries (if state intestacy laws apply.)
You can completely avoid probate and secondary probate with a totally moneyed revocable living trust. “Completely funded” means that all of your assets have been funded, or transferred, into the trust.
Non-retirement properties with titles have the titles changed to the name of the trust. For instance, Brad Pitt’s checking account would not stay 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 coverage, and annuities would not name Angelina Jolie as the recipient, but instead would name 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 managed by the arrangements in the trust.
Assets that frequently cause supplementary probate are time shares, getaway houses, condos, and any personal effects such as home furnishings and automobiles owned in another state.
If you wish to avoid probate and ancillary probate, make certain that your revocable living trust is totally funded and talk to a certified estate planning lawyer.