While none of us like to think about it, providing for your dependents in the event of an unexpected death is something we should all do. By choosing to set up a nominated person on your account you will be enabling your family to access funds at the time of your death without having to wait for all the legal matters to be sorted out. This can be particularly beneficial in the event of an unexpected death when a family may be asset rich but experience a cash shortage while probate is in progress.
Filling in a nomination form is very simple and can be done at any time by calling into the office and is a free service to our members.
Under Section 21 of the Credit Union Act 1997, a Credit Union member is entitled to nominate a person to be the beneficiary of their savings following their death (Terms & Conditions Apply).
Some important details relating to Nominations are set out below:
- A nomination must be in writing. You may complete a nomination form at the Credit Union office.
- The Statutory maximum amount that can pass under a nomination is currently €23,000. Any amount in excess of this balance will form part of your estate.
- If you elect not to complete a nomination, the proceeds of your account will form part of your estate on your death and will be dealt with under the terms of your will, under the rules of intestacy if you make no will, or under small payment provision.
- You may revoke or vary your nomination at any time by completing a new nomination form.
- 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 will form part of your estate.
- A nomination is automatically revoked by your subsequent marriage.
- Where your personal circumstances change (e.g. marriage, divorce or separation) you should review your nomination at that time.
- The nominated property does NOT form part of a deceased person’s estate.
- A person under the age of 16 cannot make a valid nomination.
We urge all members to check if their current nominees are as they intend and if not, to visit the office to update the nomination form.
If you have any queries on Nominations please do not hesitate to call us.