Why it matters
Probate can take months and may cost fees. Some assets skip probate, such as property with a named beneficiary or joint ownership. Life insurance proceeds paid to a named beneficiary usually go straight to that person and not through probate, though state rules apply. This makes insurance useful for quick cash. If the estate is the beneficiary, the money may be tied up. Check beneficiary designations and ask a lawyer about local rules.
Source: law.cornell.edu
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