CALL US

+1 619-225-1487

Does My Revocable Living Trust Avoid Ancillary Probate?

Does My Revocable Living Trust Avoid Ancillary Probate?

By administrator 0 Comment August 4, 2019

If totally funded, your revocable living trust prevents both probate, in your state of house when you die, and supplementary probate, in any other state where you own property. If you don’t money your trust, it will NOT avoid probate anywhere.

The term “secondary probate” is used to describe probate in a state other than the state of your last house. If you own a home in Florida in your specific name, but you live and die in New York, ancillary probate will be held in Florida and probate will be held in New York.
Ancillary probate implies two lawyers (one certified in each state), 2 courts and two executors or administrators (one in each state), 2 sets of fees, and, possibly, even 2 various sets of heirs (if state intestacy laws apply.)

You can completely prevent probate and ancillary probate with a totally moneyed revocable living trust. “Totally moneyed” means that all of your possessions have been moneyed, or transferred, into the trust.
Non-retirement assets with titles have the titles changed to the name of the trust. Brad Pitt’s bank account would not remain in his name, Brad Pitt, however instead 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 properties, life insurance coverage, and annuities would not name Angelina Jolie as the beneficiary, however 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. This way, all possessions would be managed by the arrangements in the trust.
Assets that typically trigger ancillary probate are time shares, villa, condos, and any personal effects such as home furnishings and vehicles owned in another state.

If you wish to avoid probate and secondary probate, make certain that your revocable living trust is totally moneyed and talk to a competent estate planning attorney.