If you are over the age of 16 you can nominate a person or persons to become entitled, on your death, to any shares (up to €23,000 max) that you may have in the Credit Union.

We advise all members to make a nomination and to regularly review your nomination. Under law, a nomination is treated separately from a person’s will (or their estate), up to a limit of €23,000.

Keys points to note in relation to nominations:

  • Any member over the age of 16 may make a nomination.
  • 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.
  • The members Will (or any codicil to their Will) has no bearing on the nomination form.
  • When a member marries, any nomination made before the marriage is automatically revoked by the marriage, and no nomination will apply to his/her account unless he/she makes a new one.
  • Joint account holders may not nominate, because when one person dies, the money in the account automatically becomes the property of the surviving person named on the account.
  • You should therefore complete a new nomination form when you get married, divorced, separated or re-married, or if the person(s) you have nominated pre-decease you.
  • You should also complete a Nomination Form if your Joint Account reverts to a Single Account.
  • The surviving person on a Joint account should complete a Nomination Form when the other person named on the account dies.
  • You can update or change your nomination at any time by completing a new form. Any previous nomination is automatically revoked.