Nominations

Nomination of Your Account

This is a unique facility for credit union members. Credit unions have a nomination facility whereby if you are over 16 years of age, you can nominate someone to receive the property of your credit union accounts upon your death. This is of benefit if the member dies without leaving a will as the property left in the credit union will not have to pass through the sometimes timely intestacy process.

  • You may nominate a person(s) of choice to receive your property presently up to a maximum value of €23,000. Any amount in excess of €23,000 will form part of your estate.
  • You may change the details of your nomination as often as you like. A completed nomination must be signed and witnessed. Ask in the office and a staff member will help you complete the relevant form and witness your signature. The most recent nomination is the valid nomination.
  • Joint Account holders need not nominate as the monies in the account automatically become the property of the surviving joint account holder
  • A nomination is not revocable or variable by the terms of your will or by a codicil to your will.
  • The nominated property does not form part of a deceased person’s estate.
  • A nomination is automatically revoked when your nominee dies before you. In this case, you should consider completing a new nomination.  If you do not, your property in the credit union may form part of your estate.
  • Where your personal circumstances change (e.g. marriage, divorce or separation) you should review your nomination at that time.
  • A nomination is automatically revoked by your subsequent marriage.

 

When should you update the Nomination on your account?

Have you recently

  • Reached the age of 16
  • Gotten married
  • Divorced or sepearted
  • Had a baby
  • Had a death in the family

If you answer yes to any of these questions, it’s time to update your Nomination Form.  Making sure your Nomination Form is up to date couldn’t be easier and you should do this on a regular basis.  Simply ask any member of staff to check whom you have nominated as beneficiary on your account.  If you would like to change the nominated beneficiary then simply fill out a new Form of Nomination and leave the rest to us.

It is each member’s personal responsibility to ensure that their nomination is current and we would encourage all members to ensure they have an up to date nomination form on file.

A change in family status doesn’t automatically change a previous Nomination Form (Beneficiary); a benefactor on an old form could still receive the benefits you designated.

If no nomination is made or if the nomination becomes invalid, then the credit union account forms part of the deceased’s estate.

For any queries, please contact a member of our friendly staff who will be happy to help. Contact