If you don't have an eligible spouse, and you do not name a beneficiary, your estate may receive a lump-sum payment. If you have a dependent child, then the lump-sum payment for your estate will be reduced by the value of your child's survivor pension.
Any funds paid to your estate will be administered by your estate trustee(s) according to the guidelines you specified in your will. If you die before you can prepare a will, only a court-appointed estate executor can assume responsibility of your estate.
It's never too early to prepare a will. Creating a will is a good way to ensure any funds payable to your estate are administered according to your wishes. You can designate an estate trustee (or executor) as the person responsible for managing and controlling your estate's assets.