Does A Will Supercede A Life Insurance Beneficiary? 
To expand a bit ... Life insurance proceeds are among a class of assets that `` pass by contract '' at death ; in this case , the contract is the insurance policy with its beneficiary designation . -LRB- Other assets that pass by contract include IRAs / Qualified Retirement Plans , annuities , jointly-owned bank or investment accounts , etc. -RRB- Assets that do n't pass to a beneficiary by operation of a contract are subject to probate , which is where a will comes in . It is possible to have the proceeds of a life insurance policy be distributed according to the terms of a will by naming the insured 's estate as the policy beneficiary -LRB- e.g. Beneficiary : Estate of the Insured -RRB- . However , doing so is generally avoided because of the disadvantages inherent in the probate process : During probate , a will is subject to being challenged by anyone with standing -LRB- generally , anyone who can prove a relationship to the deceased -RRB- . A beneficiary designation is n't subject to those types of challenges . Assets of the probate estate are subject to the claims of creditors of the estate ; life insurance proceeds paid to the insured 's estate may get depleted to repay debts before the intended heirs receive any benefit . The probate process is a public court proceeding , andcan be lengthy . A life insurance death benefit claim involves only the beneficiary and the insurance company , and claims are generally paid very quickly - often within two weeks . 