Can life insurance take the place of a will?
No. Life insurance is only one kind of property that a person might own. If a life insurance policy is payable to an individual, the will of the insured has no effect on the proceeds. If the policy is payable to the estate of the insured, the disposition of the proceeds may be directed by a will. The careful person will have a lawyer and a life insurance counselor work together on a life insurance program, particularly in the area of estate planning.

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1. Can life insurance take the place of a will?
2. Who will manage my estate?
3. May a person dispose of property in any way by making a will?
4. Does a will increase probate expenses?
5. What happens if I don't make a will?