NOMINATING YOUR NEXT OF KIN
On joining the Credit Union you are asked to complete a Form of Nomination, nominations allow members to specify a person or persons to whom they wish their assets in the Credit Union be left to in the event of their death.
Consider the following when completing your Nomination Form
- Joint Account Holders need not nominate as the monies in the account automatically become the property of the surviving joint account holder
- The Nomination is only valid up to a limit of €23,000, anything over that amount must go to form part of the individual’s estate.
- A member can at any time change their nomination by simply completing a new form and returning it to the credit union during their lifetime, any previous nomination is then automatically revoked.
- A members will or codicil to their will has no bearing on the nomination form up to the limit of €23,000.00
- If the person nominated dies before the nominator the nomination is automatically revoked and the nominator must complete a new nomination form or the monies go directly to the estate of the deceased member.
When should I update the Nomination (Beneficiary) on my Account?
Have you recently – Reached the age of 16? Married? Divorced/Separated? Had a Baby? Had a death in the Family?
If you answer yes to any of these questions, it’s time to update your Nomination Form. Making sure your Nomination Form is up to date couldn’t be easier and you should do this on a regular basis. Simply ask any member of staff to check whom you have nominated as beneficiary on your account. If you would like to change the nominated beneficiary then simply fill out a new Form of Nomination and leave the rest to us.
It is each member’s personal responsibility to ensure that their nomination is current and we would encourage all members to ensure they have an up to date nomination form on file.
A change in family status doesn’t automatically change a previous Nomination Form (Beneficiary); a benefactor on an old form could still receive the benefits you designated.
If no nomination is made or if the nomination becomes invalid, then the credit union account forms part of the deceased’s estate.
A Member Nomination’s Leaflet which provides additional information is available at the counter in the credit union.
Please pick one up or ask any member of staff for assistance.