Nominating Your Savings
A NOMINATION is a legally binding, written instruction that tells the Credit Union what to do with your money after your death.
The Nomination service is very valuable to members in that it allows access to nominated funds by the nominee within a very short period of the death of the member. And while it will not relieve the loss suffered by the nominee, it serves to relieve potential cash-flow difficulties.
What happens to my shares when I die?
Members of the Credit Union can nominate a person to receive their Credit Union Shares and insurance benefits (if any) up to €23,000 on their death.
Who can I nominate?
A member can nominate anyone…… family or friend or group of people. It is important that members review their nomination form regularly.
Can I change my nomination?
Yes, by filling in a new nomination form. A nomination becomes invalid if the member gets married or the person that has been nominated dies. It is a good idea therefore to review the nomination from time to time, in order to ensure that the person/s nominated is/are the most appropriate. Note Divorce or legal separation will not revoke a nomination.
Should I ask about my nomination?
Yes, a member of staff will be delighted to confirm whether you have completed a nomination and who your nominee is.
My parents joined me years ago as a child?
If you joined as a child you would not have had a nomination form completed. Once you reach the age of 16 you will need to fill out the nomination form.
Members please note the following:
- A nomination must be in writing. You may obtain a nomination form from any of our offices.
- The statutory maximum amount that will be paid out 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, or if you have made no will, under the rules of intestacy or under the small payments provision.*
- You may revoke or vary your nomination at any time by completing a new nomination form.
- A nomination is not revocable or variable by the terms of your will or by a codicil to your will.
- 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. Note Divorce or legal separation will not revoke a nomination.
- Where your personal circumstances change (e.g. marriage, divorce or separation) you should review your nomination at that time.
- The nominated savings do not form part of a deceased person’s estate.
- A person under 16 years of age cannot make a valid nomination.