If totally funded, your revocable living trust avoids both probate, in your state of residence when you pass away, and supplementary probate, in any other state where you own property. If you do not fund your trust, it will NOT prevent probate anywhere.
The term “supplementary probate” is used to explain probate in a state aside from the state of your last residence. For instance, if you own a house in Florida in your specific name, however you live and pass away in New york city, supplementary probate will be kept in Florida and probate will be kept in New York.
Ancillary probate indicates 2 legal representatives (one licensed in each state), two courts and 2 administrators or administrators (one in each state), 2 sets of costs, and, possibly, even 2 different sets of heirs (if state intestacy laws apply.)
You can absolutely prevent probate and ancillary probate with a fully funded revocable living trust. “Totally moneyed” indicates that all of your possessions have actually been funded, or moved, into the trust.
Non-retirement properties with titles have the titles altered to the name of the trust. For example, Brad Pitt’s savings account would not stay in his name, Brad Pitt, however instead 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, but 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. In this manner, all properties would be managed by the provisions in the trust.
Assets that typically cause ancillary probate are time shares, holiday homes, condominiums, and any personal effects such as furnishings and automobiles owned in another state.
If you wish to avoid probate and ancillary probate, ensure that your revocable living trust is completely moneyed and talk to a qualified estate planning attorney.