If the deceased's life insurance named the estate or trust as the beneficiary, the policy should be included as an Asset in the Inventory. The value of the policy, the insurer, and the policy number should be included when adding this Asset.
However, if the policy named a specific beneficiary, such as a spouse or a child, the policy would be paid directly to the beneficiary without ever going through the estate or trust. If this is the case, the life insurance policy does not need to be included in the Inventory.
Estate specific information
When the life insurance names the estate as the beneficiary, it should be considered an asset that passes through the estate (i.e., a Probate asset).
If not, it can still be included for tracking purposes. In this case, it should be marked as a non-probate asset that passes outside the estate.