If completely funded, your revocable living trust avoids both probate, in your state of home when you pass away, and ancillary probate, in any other state where you own property. If you do not money your trust, it will NOT avoid probate anywhere.
The term “secondary probate” is used to explain probate in a state aside from the state of your last residence. If you own a house in Florida in your individual name, but you live and pass away in New York, supplementary probate will be held in Florida and probate will be held in New York.
Ancillary probate means 2 lawyers (one certified in each state), two courts and 2 administrators or administrators (one in each state), two sets of costs, and, possibly, even 2 different sets of heirs (if state intestacy laws apply.)
You can completely avoid probate and supplementary probate with a totally funded revocable living trust. “Totally funded” indicates that all of your possessions have been funded, or transferred, into the trust.
Non-retirement possessions with titles have the titles altered to the name of the trust. For instance, 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 possessions, life insurance, and annuities would not call Angelina Jolie as the recipient, 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. By doing this, all possessions would be managed by the arrangements in the trust.
Assets that typically cause secondary probate are time shares, getaway homes, condominiums, and any personal property such as furniture and cars and trucks owned in another state.
If you wish to prevent probate and supplementary probate, make certain that your revocable living trust is fully funded and seek advice from with a competent estate planning attorney.