Have you filled in a Nomination Form?
Members of the Credit Union are asked to complete a Form of Nomination, nominations allow members to specify a person or persons to whom they wish their assets in the Credit Union be left to in the event of their death.
A Nomination is easy to be put in place, we urge you to do so. It doesn’t cost anything, and the form will ease the stress of your loved ones at the time of your death. Nomination do not need lawyers or family members to be involved, they must be in writing and signed by you,
To make a valid nomination
- To make a nomination a member must be over 16
- The nomination must be in writing at held in the CU office(forms available in office)
- The names nominated must be clearly identified a CU officer can’t be a nominee unless they are a member of the nominator family
- The Nomination is only valid up to a limit of €23,000, anything over that amount must go to form part of the individual’s estate.
Consider the following when completing your Nomination Form
- Joint Account Holders cannot nominate as the monies in the account automatically become the property of the surviving joint account holder
- A member can at any time change their nomination by simply completing a new form and returning it to the credit union during their lifetime, any previous nomination is then automatically revoked.
- Subsequent marriage of a nominator automatically revokes the nomination
- A member’s will or codicil to their will has no bearing on the nomination form up to the limit of €23,000. ie does not revoke the will
- Divorce or legal separation currently revokes a nomination
- If the person nominated dies before the nominator the nomination is automatically revoked and the nominator must complete a new nomination form or the monies go directly to the estate of the deceased member.
Making sure your Nomination Form is up to date couldn’t be easier. Simply ask person at the desk to check whom you have nominated as beneficiary on your account. If you would like to change the nominated beneficiary then simply fill out a new Form of Nomination and leave the rest to us.
We would encourage all members to ensure they have an up to date nomination form on file with us.