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Nominations
Nominating your savings
What is a nomination?
A nomination is a legally binding, written instruction that tells the Credit Union what to do with your property after your death. Property includes shares, deposits, loans and insurance proceeds.
Who can I nominate?
A Member, who must be over 16 years of age, can nominate anyone, family, friend or a group of people. Where one person is nominated, that person will be the sole beneficiary of your Credit Union property subject to the maximum permitted by law (currently €23,000). Anything in excess will not be released until we have been furnished with a Grant of Probate.
Can I change my nomination?
Yes, by filling in a new nomination form. A nomination becomes invalid if the member gets married or the person that has been nominated dies. It is a good idea therefore to review the nomination from time to time, in order to ensure that the person/s nominated is/are the most appropriate.
Factors that effect a nomination
Death of the nominee (prior to that of the nominator) automatically revokes that nomination, so a new nomination should be completed at that time. The marriage of a member after completing a nomination automatically revokes that nomination, so a new nomination will be required at that time also. Divorce or legal separation will not revoke a nomination.
Where do I get a nomination form?
You can obtain a nomination form in any of our offices.
