Whole and universal life insurance policies are a mash-up between traditional term life insurance and an investment. That is to say, they offer the basic functionality you'd expect of a life insurance policy, but they also accrue cash value that can be used for a variety of purposes. One accountant is saying that people with old whole or universal life insurance policies shouldn't just let them lapse. They can convert the assets to valuable estate planning tools.
Depending on what you inherit from friends or family, your legal battles might include both probate and other matters. This is often true when you inherit real property, such as real estate, in conjunction with someone else.