Quizzes & Puzzles41 mins ago
Life Insurance Payout
6 Answers
Hopefully someone can help with the following scenario.
A person died and one member of the family receive a letter from the persons works pension with the following details:
"The total death grant represents 10.02% of the lifetime allowance which is currently 1.5 Million. When added to the LTA % used at retiral, the total LTA used is 33.62%."
My question from the above information is - If there are only 5 remaining members of the family, how much should each person receive?
I'm afraid I don't have any more information other than what's above, but any help would be appreciated.
I previously posted this in the Insurance Topic section, but there was little response, so I'm hoping for better luck here.
Thanks in anticipation.
A person died and one member of the family receive a letter from the persons works pension with the following details:
"The total death grant represents 10.02% of the lifetime allowance which is currently 1.5 Million. When added to the LTA % used at retiral, the total LTA used is 33.62%."
My question from the above information is - If there are only 5 remaining members of the family, how much should each person receive?
I'm afraid I don't have any more information other than what's above, but any help would be appreciated.
I previously posted this in the Insurance Topic section, but there was little response, so I'm hoping for better luck here.
Thanks in anticipation.
Answers
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As I wrote previously, if the policy designated a specific beneficiary (i.e. it was 'written in trust') then that person receives EVERYTHING (and, obviously, the others get NOTHING). Of course the beneficiary could choose to give some of the money to other family members but there's no obligation upon him/her to do so.
If the policy was written in such a way that the payment is made to the estate of the deceased person then whatever was written in his/her will stands. i.e. if he/she wrote "I leave everything to Battersea Dogs' Home", then BDH gets the lot and the family get absolutely nothing (unless they can succeed in a court claim, under the Inheritance (Provision for Family and Dependants) Act 1975, to show that the will failed to provide 'reasonable financial provision' for them).
If the money passes to the estate (as above), but there is no will, then the law relating to intestacy applies and the whole of the deceased person's estate (including the payment you refer to) MUST be distributed in accordance with those rules. As you've not told us how the remaining members of the family were related to the deceased person, we can't tell you how the estate should be divided up. All we can do is provide you with the rules via this link:
https:/
However many times you post this question, nobody here (and not even, say, a solicitor) will be able to give you further information unless you can find out whether the policy was written in trust and (if then still relevant) disclose the relationship of the remaining family members to the deceased person.
If the policy was written in such a way that the payment is made to the estate of the deceased person then whatever was written in his/her will stands. i.e. if he/she wrote "I leave everything to Battersea Dogs' Home", then BDH gets the lot and the family get absolutely nothing (unless they can succeed in a court claim, under the Inheritance (Provision for Family and Dependants) Act 1975, to show that the will failed to provide 'reasonable financial provision' for them).
If the money passes to the estate (as above), but there is no will, then the law relating to intestacy applies and the whole of the deceased person's estate (including the payment you refer to) MUST be distributed in accordance with those rules. As you've not told us how the remaining members of the family were related to the deceased person, we can't tell you how the estate should be divided up. All we can do is provide you with the rules via this link:
https:/
However many times you post this question, nobody here (and not even, say, a solicitor) will be able to give you further information unless you can find out whether the policy was written in trust and (if then still relevant) disclose the relationship of the remaining family members to the deceased person.
I have more details which may clarify things.
A person died suddenly without making a will. There are only five people (remaining brothers and sisters) who will be the beneficiaries as she had no family of her own.
One of the remaining siblings took it upon themselves to deal with all the works pension paperwork and then another of the remaining sisters received the letter referred to in the initial question posed.
This letter referred to an amount of money each of the remaining five would receive, but alarm bells are ringing because the deceased had always said (jokingly) that when she died everyone would get a lot of money she quoted a rough figure which is in excess of what each person actually received.
When I posted the initial question I thought I'd made it clear that I was looking for a settlement figure, so I'm sorry if Eddie51 and Buenchico didn't grasp that, so hopefully now that I've provided more details, someone can quote me a settlement figure for each of the five benefactors.
Once again, thanks in anticipation.
A person died suddenly without making a will. There are only five people (remaining brothers and sisters) who will be the beneficiaries as she had no family of her own.
One of the remaining siblings took it upon themselves to deal with all the works pension paperwork and then another of the remaining sisters received the letter referred to in the initial question posed.
This letter referred to an amount of money each of the remaining five would receive, but alarm bells are ringing because the deceased had always said (jokingly) that when she died everyone would get a lot of money she quoted a rough figure which is in excess of what each person actually received.
When I posted the initial question I thought I'd made it clear that I was looking for a settlement figure, so I'm sorry if Eddie51 and Buenchico didn't grasp that, so hopefully now that I've provided more details, someone can quote me a settlement figure for each of the five benefactors.
Once again, thanks in anticipation.
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