First, most attorneys who practice Wills and trusts never have a life insurance policy as an asset of one's estate. The reason is that life insurance proceeds are tax free proceeds for income tax purposes.Usually a specific individual gets the life insurance policy for the simple reason that if the deecased person's estate gets the insurance policy, the amount is added to the estate and increases the amount of any estate tax possibly.IRAs and annuities are a different matter. Typically they are included in the Will or trust of a person and upon the person's passing, there is a stepped up basis for any stocks of bonds that a beneficiary might receive.I suggest that you consult with an attorney who practices Wills and trusts for any further questions that you might have.