Key Points to consider when completing your Nomination Form
The statutory maximum amount that can pass under a nomination is €23,000. Any amount in excess of this balance becomes part of the deceased member’s estate.
A nomination must be in writing. Nomination Forms are available in all of our branches.
If a member elects not to complete a nomination, the proceeds of their account become part of their estate on their death, and are dealt with under their Will or under the rules of intestacy if they make no Will, or under the small payments provision*.
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.
Joint account holders need not complete a Nomination Form as the monies in the account automatically become the property of the surviving joint account holder.
A person under 16 years of age cannot make a valid nomination.
When should I update the Nomination (Beneficiary) on my Account?
Have you recently:
- Reached the age of 16 years?
- 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 Nomination Form 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.
*Small payments provision - -where no valid nomination exists and the amount in the deceased's account is under €15,000 in total (including any insurance proceeds), the Board of Directors of the Credit Union may, without letters of administration or probate of any Will, distribute the deceased's property in the Credit Union to such persons as appears to the Board to be entitled by law to receive it.