If the deceased owned the policy on his/her own life, the insurance proceeds will be a part of the estate. If the policy was owned by someone other than the deceased, the insurance proceeds will not...
One reason is that the decedent wanted to have the funds available to pay debts of the estate and to have the remaining proceeds shared equally by the heirs.
When a life insurance policy is purchased, the purchaser (usually the insured) designates a primary beneficiary and a contingent beneficiary. The contingent beneficiary gets the proceeds if the...
If the life insurance policy designates that payment is to be made to a beneficiary other than the deceased or to his/her estate, the proceeds pass outside of the estate and do not become an asset of...