NYWills.com - Handbook

Handbook

• LIFE INSURANCE
If an individual has life insurance and passes away, the proceeds will go to the
designated beneficiary outside the Will. However, although these proceeds avoid
probate, individuals do not normally purchase life insurance for this purpose. Life
insurance is normally used as a way to provide ready cash to the beneficiaries or
for other contemplated needs.

Note: Probate is not avoided if you name your estate as the beneficiary.