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What happens to your savings when you die?

Waterford Cu Blog

At times it may be a little confusing for members to fully understand what happens to their savings when they die. Here are the answers to some frequently asked questions.

 

What happens to my savings when I die?

Members of the credit union can nominate a person (or persons) to receive their savings and insurance benefits (if any) up to a maximum of €23,000 on their death.

 

What is a nomination?

A nomination is a legally binding, written instruction that advises the Credit Union what to do with your money after your death.

 

Who can I nominate?

You can nominate anyone you wish – a family member, friend etc. It is important that you review your nomination on a regular basis and keep it to update, to reflect your wishes.

 

Can I change my nomination?

Yes, you can change your nomination any time you wish by simply completing a new nomination form. A nomination becomes invalid if you get married or your nominee dies before you the account holder.

 

My parents opened my account as a child

If you joined as a child, you would not have completed a nomination form. Once you reach the age of 16, you need to complete a nomination form and update your ID/ address at either office.

 

Ask about the nomination on your account at any time

We are happy to help you by confirming whether or not you have completed a nomination form in the past, and if so, identity of the nominee(s) you have chosen and/or change, alter your preference(s) if required.

 

Where do I get a nomination form?

You can pick up a nomination form at either of our offices on Parnell Street or Upper Grange.

 

Here are some other things you should know about a nomination:

 

  • A nomination must be in writing.
  • The statutory maximum amount that can be paid out under a nomination is €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 a codicil to your will.
  • A 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.
  • A nomination is automatically revoked by your subsequent marriage. 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.
  • A person under 16 years of age cannot make a valid nomination.
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