Life insurance/over 50s plan beneficiary question

[AutisticLegoLover]

There is no spouse so who does the payment go to? 4 adult children. The company hasn't asked for a beneficiary to be named so how does it work? Thank you.

Gentle bump

The payout goes into the estate

Thank you. What does that mean exactly? How does it all work? Totally in the dark here.

If you have a will it will form part of the inheritance and go to who youve willed ypur money to. If you don't, it will be doled out under the intestate rules.

My Grandma had one of these policies. When she died and we claimed it, the options were for it to be paid by cheque or bacs into her bank account. It was then distributed by the executor in accordance with her will.

Thank you, that's explained things perfectly.

If the payment is at the discretion of the trustees of the scheme, then - assuming no expression of wishes (which is non-binding, but is usually followed) - the trustees will ask the executors/administrators to name all potential beneficiaries and will then make a decision as to how to pay out.
Assuming the payment is at the discretion of the trustees, then it falls outside the estate, so no IHT is payable.