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.
- 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.
Members can contact their credit union to review and update their nomination. Members should also contact their solicitor and seek advice to ensure that their nomination is clearly understood and that instructions regarding excess savings (above the €23,000 nomination threshold) are clearly reflected in their will.