^ if you do this, the only things that potentially get held up in probate are RE (like your house) and personal possessions, but at least all the financial accounts can be settled right away. If they are currently set up with each spouse as beneficiary, make the kids contingent beneficiaries in the event of primary passing prior to account owner. Also make sure your life insurance and annuity contracts reflect that as well. You could always put the house in a living trust which is a pretty simple scenario.