Nominating Your Savings
A NOMINATION is a legally binding, written instruction that informs the Credit Union about the desired handling of your money after your death.
The Nomination service is highly valuable to members as it enables the nominee to access the nominated funds shortly after the member's death. While it does not alleviate the loss experienced by the nominee, it does help ease potential cash-flow difficulties.
What happens to my shares when I die?
Credit Union members have the option to nominate an individuals to receive their Credit Union Shares and insurance benefits (if any) up to €23,000 upon their death.
Who can I nominate?
A member has the flexibility to nominate anyone—whether a family member (s) or friend (s). It is important for members to review their nomination form regularly.
Can I change my nomination?
Yes, members can update their nomination by completing a new nomination form. A nomination becomes invalid if the member gets married or if the nominated person dies. Therefore, it is advisable to periodically review the nomination to ensure that the nominated person or persons are still the most appropriate choices.
Note: A nomination will not be revoked by divorce or legal separation.
Should I ask about my nomination?
Yes, a member of staff will be delighted to confirm whether you have completed a nomination and identify your nominee.
My parents joined me years ago as a child?
If you joined as a child, you might not have completed a nomination form. 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. Nomination forms are available at any of our offices.
- The current statutory maximum pay out under a nomination is €23,000. Any amount in excess of this balance will form part of your estate.
- In the event you choose not to complete a nomination, the account proceeds upon your death will become part of your estate. They will be handled according to your will, or in the absence of a will, under the rules of intestacy or the small payments provision.*
- You may revoke or vary your nomination at any time by completing a new nomination form.
- The terms of your will or a codicil to your will cannot revoke or alter a nomination.
- The nomination is automatically revoked if 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.
- Subsequent marriage automatically revokes a nomination. Notably, divorce or legal separation will not revoke a nomination.
- If your personal circumstances change (e.g., marriage, divorce, or separation), it is advisable to 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.