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What is probate with regard to life insurance?

What is probate? How does it affect life insurance? Probate is the act of proving a will before a judicial authority. A probate proceeding is the legal process of reviewing and approving the deceased last will and testament, appointing an administrator, identifying heirs and creditors, wrapping up personal affairs, distributing assets, paying taxes, and paying bills. The average probate process takes six to nine months to complete. The cost of probate can run between 3-7% of the total estate. If a will is contested, the costs can run much higher. Life insurance proceeds can be held in probate unless both primary and contingent beneficiaries are listed properly. Make sure you speak with your agent and review/change your beneficiary information as needed.