Probate is difficult enough under the best of circumstances. It’s a lot of confusing paperwork, back and forth with the Surrogate’s Court, and months of delay before an executor is finally empowered to act on behalf of an estate. When an estate includes real estate, the problem is amplified.
Most of the time when people set their beneficiaries on things like 401(k)s, IRAs, life insurance policies, and brokerage accounts they name their spouse as “primary” (assuming they have one), and their kids as “contingent.” We’ve been told this eases the burden on our family, so they can avoid probate when we pass - a noble goal! Unfortunately, if your children are under eighteen, this well-intentioned plan can lead to unintended complexities – even if you have a will.