Who’s Your Nomination?
Credit Unions have a nomination facility where you nominate someone to receive the property of your Credit Union accounts in the event of your death. It is a legally binding, written instruction. The nomination service is very valuable to members as it allows access to nominated funds by the nominee within a very short period of the death of the member. And while it will not relieve the loss suffered by the nominee, it serves to relieve potential cash-flow difficulties.
What happens to my shares when I die?
Members of the Credit Union can nominate a person to receive their Credit Union Shares and insurance benefits (if any) up to €23,000 on their death. Any funds above the €23,000 are included in the deceased’s estate.
Who can I nominate?
A member can nominate anyone; family, a friend or several people. It is important that members review their nomination regularly.
Can I change my nomination?
Yes, by filling in a new nomination form. You should review your nomination when there is a change to your personal circumstances (e.g. marriage, divorce or separation). A nomination is automatically revoked if you get married. So, if for example, you had nominated your sister in the past and you have since gotten married, you’ll need to update your nomination if you want to keep her as the nomination as otherwise your new spouse is named as your nomination.
Can I check my nomination?
Yes, a member of staff will be delighted to confirm whether you have completed a nomination and who your nominee is.
What if my parents opened my account for me as a child?
If you joined as a child you would not have had a nomination form completed. Once you reach the age of 16 you will need to fill out the nomination form.
Is there a cost?
No, there is no cost for setting up or changing a nomination.