A nomination is a unique and valuable free facility for Members.
If you are over 16 years of age, you may nominate someone to receive the property of your credit union in the event of your death. Property includes shares, deposits, loans and insurance proceeds. Nominations are not applicable to joint accounts.
A nomination is a legally binding written instruction that tells the Credit Union what to do with your money after your death. The nomination will supersede your will and is not revocable or variable by your will or any codicil to it.
You can nominate any person or persons of your choice to receive your property up to a maximum of €23,000. Any amount in excess of this balance will form part of your estate.
You can change the details of the nomination as often as you like
The nominated property up to a maximum of €23,000 does not form part of a deceased person’s estate.
A nomination is automatically revoked when your nominee dies before you. In this case, you should consider completing a new nomination. If you do not, your property in the credit union may become part of your estate.
Where your personal circumstances change e.g. marriage, divorce or separation, you should review your nomination at that time.
A nomination is automatically revoked by your subsequent marriage.
The process is simple, all you have to do is complete and sign a Nomination Form in our Ballyconnell or Swanlinbar office, witnessed by a Credit Union staff member.