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Don’t forget to fill in or update your Nomination Form.
A nomination is an instruction which informs the Credit Union of your wishes and indicates who is entitled to your savings plus any additional insurance benefits in the event of your death. When you join the Credit Union you are asked to complete a nomination form. You can nominate anyone you wish, and can even nominate several people if you wish to share the funds.
As the nomination supercedes any will you may have made, it is very important that you check you have an up-to-date nomination completed and on file. In particular make sure you update your nomination after the following events:
- Marriage
- The death of a nominee (the person you had previously nominated)
- Legal Separation or Divorce – on marriage your spouse automatically became your nominee. They remain the nominee even after the marriage ends unless a new nomination form is completed!
The person or persons nominated can receive the funds once adequate proof of death is provided to the Credit Union. Under Law there is a maximum limit of €27,000.00 that can be passed to a nominee in this way. The balance, if any, goes into the estate to be dealt with through normal probate.
NB: Nomination forms completed prior to April 2024 will only cover a maximum of €23,000 that can be distributed to the next of kin. In order to qualify for the higher €27,000 limit a new form has to be completed and witnessed by 2 witnesses, as opposed to 1 witness on the old forms. You can ask to complete a new form at the counter at any time.
Please feel free to ask any of our staff if you have further questions about the nomination process.
