You may have been warned to avoid probate, but you might not fully understand what it is. Probate is a legal process used to handle the payment of debts and transfer of assets after a person has died. The process is supervised by the county Surrogate Court.
As a parent, you likely want to make sure that your child has access to the supplies and care that they need. Child support can help take care of your kids, but that doesn’t mean it is always possible to make those payments.
The arrival of a new child—especially the firstborn—creates much anticipation and excitement within a family. Suddenly a couple becomes three or more, and with that comes new hopes and expectations for the future.
You may think you don’t need one—after all you’re young and have very few assets: A car that’s paid for, sure, and about $7000 in a 401K. It’s hardly worth worrying about.