Nominations
A nomination is a legally binding written instruction that tells Core Credit Union what to do with your account in the event of your death.
Where there is a will, the nominated amounts less than €27,000 do not form part of the deceased’s estate. The will cannot change a nomination, the nomination has to be changed.
When a Member who is over 16 years of age opens a Core Credit Union account, they are entitled to nominate a person (or persons) to receive their property in the Credit Union on their death.
Property includes shares, deposits and insurance proceeds. This is of benefit if the Member death without leaving a Member will, as the property left in the Credit Union will not have to pass through the sometimes timely intestacy process.
COMPLETE A FORM OR call into your Credit Union office.
Summary of nomination rules are:
- The maximum amount that can pass under a Nomination is €27,000. Any amount in excess of this balance becomes part of the deceased Member’s estate.
- If a Member elects not to complete a Nomination, the proceeds of Members accounts become part of their estate on their death, and are dealt with under their will or under the rules of intestacy if they make no will.
- A Member can change their original Nomination at any time by making a new Nomination, and a Nomination precedes the deceased Member’s will.
- A Nomination is automatically revoked when the death of the nominee occurs before the death of the Member.
- Small Payments Provision: Where no valid Nomination exists and the amount in the deceased Member’s account is under €18,000, the Board of Directors of the Credit Union may distribute the property to such persons as the Board deems to be entitled to it.
- A Nomination made at the time a Member opens an account will be automatically revoked by a subsequent marriage. A new Nomination Form then has to be completed.
- The nominated property does not form part of a deceased Member’s estate. Therefore, a payment made under a Nomination does not affect a nominee’s entitlements under a will.
- An officer of the Credit Union cannot be a nominee, unless the nominator is a member of their family.
- A person under 16 years of age cannot make a valid Nomination. If such a Member dies, the proceeds of their account become part of their estate, or are dealt with under the small payments provision mentioned above.
- If a nominee is under 16 years of age, payment can be made to either parent or to a guardian, provided the parent or guardian undertakes to hold the property in trust for the nominee.
- Joint Accounts: By virtue of the right of survivorship on the death of one of the parties to a joint account, the account becomes the property of the remaining party or parties to the account.
