A Nomination is a legally binding, written instruction that tells the Credit Union what to do with your money after death. The Nomination service is very valuable to members in that it allows access to nominated funds by the nominee within a very short period of the death of the member.
What happens my shares if 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.
Who can I nominate?
A member can nominate anyone they wish, – friend, family, it does not have to be their next of kin. It is important, however, to review your nomination form regularly as any change in your circumstances can render the form invalid, eg. Death of the nominee, after marriage. However it is important to note that Divorce or Legal Separation will not revoke your nomination. You can change your nomination form at anytime by calling into our office to complete and sign a new form.
An account opened before the age of 16 years would not have a nomination form completed. On reaching 16 years you will need to complete a Nomination Form.
Members please note the following:
- A Nomination must be in writing, which has to be completed in our office.
- The statutory maximum amount that will be paid out under a nomination is currently €23,000. Any amount in excess of this balance will form part of your estate.
- If you elect not to complete a nomination, the proceeds of your account will form part of your estate on your death and will be dealt with under the terms of your will, or if you have made no will, under the rules of intestacy or under the small payments provision*.
- You may revoke or vary your nomination at any time by completing a new nomination form.
- A nomination is not revocable or variable by the terms of your will or by a codicil to your will.
- 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 will form part of your estate.
- A nomination is automatically revoked by your subsequent marriage. Note Divorce or legal separation will not revoke a nomination.
Where your personal circumstances change (e.g marriage, divorce, separation) you should review your nomination at that time. The nominated savings do not form part of a deceased person’s estate.
A person under 16 years of age cannot make a valid nomination.
*Small Payments Provision: Where no valid nomination exists and the amount in your account is under €15,000 in total (including insurance etc) the Board of Directors of Ballaghaderreen & District Credit Union Ltd may, without letters of administration or probate of any will, distribute your property in the credit union to such persons as appear to the board to be entitled by law to receive it.