Who’s Your Nomination?
Nominate a person to receive the property of your Credit Union Accounts in the event of your death.
You can nominate someone to receive your savings and insurance benefits up to a maximum value of €23,000 in the event of your death. Using a nomination facility means the money can be paid without waiting for probate and without inheritance tax, up to a maximum value of €23,000. Any amount in excess of €23,000 will form part of your estate.
A nomination form can be completed by any member aged 16 years or over. Your nomination and the savings associated are separate to your will and estate and are not affected by the terms of your will or by a modification to your will.
This service is free to our members and one of the great attractions of credit union membership.
Contact us if you would like to set up a nomination or to check that your nomination is up to date and correct.
- What happens to my shares when I die?
Members of the credit union can nominate a person to receive their credit union shares up to €23,000 on their death.
- Who can I nominate?
A member can nominate anyone – family member, friend or group of people. It is important that members review their nomination form regularly.
- Can I change my nomination?
Yes, by filling out a new nomination form. A nomination becomes invalid if the member gets married or the nominee dies. It is a good idea therefore to review the nomination from time to time to ensure that the person(s) nominated is/are the most appropriate. Please note that divorce or legal separation will not revoke a nomination.
- What happens if I joined as a child (through my parents)?
If you joined as a child, you would not have filled out a nomination form. Therefore, once you reach the age of 16, you will need to fill out the nomination form.
- What happens if I don’t complete a nomination form?
If you elect not to complete a nomination, the proceeds from 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 not made a will, under the rules of intestacy or under the small payments provision. Small Payment Provision: where no valid nomination exists and the amount in your account is less than €15,000 in total (including insurance etc.), the Board and Directors of Kilmallock Credit Union Ltd. may, without letters of authorisation or probate of any will, distribute your property in the credit union to such person(s) as appear to the Board to be entitled by law to receive it.
- Where do I get a nomination form?
You can drop into any branch and ask a member of staff or call 063 98355.