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Nomination Form

Nomination Form

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

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 €27,000 on their death. 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. 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.

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).

You can pick up a nomination form at any of our three offices in Parnell Street, Upper Grange or Tramore.

Nominations

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 €27,000. 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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