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.
You can nominate someone to receive up to a maximum value of €23,000. Any amount in excess of €23,000 will form part of your estate.
All members over 16 will have nominated someone when they opened their Mallow Credit Union account, however this may need updating so we advise all members to review their nomination and update if necessary. You can change the details of your nomination as often as you like.
Your nomination and the savings associated are separate to your will and estate and are not affected the terms of your will or by a modification to your will.
You should review your nomination when there is a change to your personal circumstances (e.g. marriage, divorce or separation), and please note that 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.
A completed nomination must be signed and witnessed in branch; a staff member will help you complete the relevant form and witness your signature. Speak with us in branch today if you need any additional information. For contact details of your nearest branch see here.