What isn’t covered in my Will? - Pensions and Life Insurance

Not a lot of people are aware that their Will doesn’t always cover their pensions, life insurance, and any death in service benefits/payouts.

This is because, suggests Simoon Brown, one of our legal professionals in the Winns Wills, Probate and Trust Team, these are often held in Trust which means they don’t fall into your estate.

It is important to double-check if your pensions and life insurance are held in trust, and if you may be entitled to continue the benefit of them after your death.

Nomination forms

A nomination form is a document you are usually asked by your employer or company to complete when taking out a pension or life insurance policy.

It is your way of ensuring that any money these policies pay after your death is provided to the chosen named person on the nomination form, known as the beneficiary.

You may be able to pick more than one beneficiary and a substitute, but this will be subject to each provider/company.

If you have not filled one out or are not sure if you have any, then we would urge you to check with your pension provider, insurance company or employer. It’s a quick process to ensure this is covered.

Equally, if you have filled a nomination form out but it was some time ago, we would still recommend you check your nomination forms are up to date. You can easily call or email your policy provider requesting this information.

What if I don’t update my nomination form?

If your nomination forms are incomplete, or out of date, this can lead to very difficult situations where a beneficiary who you do not want to benefit receives a payout after your death.

For example, if your chosen beneficiary was your ex-wife, you got remarried and have children that you would rather inherit your pension; if you didn’t update your nomination form after your divorce, your ex-wife could still inherit your pension regardless of what your wishes are in your Will.

Don’t cause unnecessary difficulties for your family after death in an already difficult time and keep your nomination forms up to date.

Similarly, don’t risk a potential benefit not being passed to your chosen loved ones because you didn’t fill out a nomination form that you were entitled to do so.

 Can Winns help?

Our team is ready to help. With expert knowledge and decades of experience, our Wills, Probate and Trust department are able to support you through your circumstances.

Book a call today.

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