Winning the lottery is a dream of many, but with a lottery like Set For Life, many questions can arise. Among them, one that stands out is: If you win Set For Life and then die, what happens to the prize money?
Here at Pay By Mobile Slots, we delve into the rules, structure, and possibilities of inheriting any Set For Life winnings.
What Is Set For Life?
Set For Life is a unique offering in the lottery world, launched in March 2019 by the National Lottery. Unlike traditional lotteries, Set For Life does not provide winners with a lump sum. Instead, it offers winners a fixed monthly payment of £10,000 for 30 years. Consequently, it is known as an annuity lottery — the first of its kind in the UK.
In addition to the top prize, the lottery also has multiple tiers of prizes. For instance, the second-highest prize tier offers £10,000 a month for one year, while the lower tiers offer fixed lump sum cash prizes.
What Happens If You Win Set For Life And Then Die?
A question that naturally arises due to the annuity structure of Set For Life is what happens if a winner passes away before the 30-year annuity period ends. The answer is that the remaining winnings are not lost.
If a Set For Life winner dies before the 30-year annuity period ends, the National Lottery has provisions in place to ensure that the remaining prize money does not go to waste.
The outstanding winnings are paid out as a lump sum to the winner's estate. This sum can then be distributed to the deceased's family or dependents in accordance with their will or the law if no will exists.
In essence, if a winner dies before they have received all their winnings, the outstanding amount is given to their estate in a lump sum. This includes cases where a winner may die before receiving any payments — in such cases, the lump sum would include the initial £10,000 payment as well.
Can Set For Life Be Inherited?
Yes, the remaining balance of the Set For Life prize can indeed be inherited by the winner's estate or passed on to their beneficiaries. However, the winner cannot transfer the instalments into someone else’s name while they are still alive.
The inheritance of winnings is governed by the rules of the National Lottery, the will of the deceased, and the law. If the winner has a will and has named a beneficiary, the money goes to that person. If there is no will, the money is distributed according to the law.
In cases where no living relatives can be found, or if no one claims the money within the stipulated period (usually 180 days), the money may be donated to the National Lottery’s charity fund.
Is Set For Life Transferrable?
While the remaining balance of the Set For Life prize can be passed on to a winner's beneficiaries upon their death, it's important to note that the winnings cannot be transferred to someone else while the winner is alive.
The monthly instalments of the prize are directly deposited into the winner's bank account and cannot be transferred directly from the National Lottery to another person. However, the winner may choose to transfer funds from their bank account to another person.
Can You Get Set For Life In a Lump Sum Instead of Paid Weekly?
Typically, Set For Life winners do not have the option to opt for a lump sum payout. The top prize is split into monthly instalments of £10,000 over a 30-year period.
However, there is one exception to this rule. If the winner dies before all the payments are made, the remaining balance is paid out as a lump sum to the winner's estate. This ensures that the prize money does not go to waste and can potentially be passed on to the winner's loved ones.
Conclusion
In conclusion, if a Set For Life winner dies before the completion of the 30-year annuity period, their remaining winnings can indeed be inherited and do not die with them. The National Lottery has clear provisions in place to ensure that the remaining prize money is paid out as a lump sum to the winner's estate.
However, while the prize can be inherited, it cannot be transferred to someone else while the winner is alive.
Ultimately, whether or not playing the Set for Life draw is worth it comes down to the individual. While the chances of winning the top prize are slim, the unique structure of the prize and the potential for a guaranteed income for a long period of time can make it an attractive option for many.
As always, please gamble responsibly.
*All values (Bet Levels, Maximum Wins etc.) mentioned in relation to these games are subject to change at any time. Game features mentioned may not be available in some jurisdictions.