Nomination of Beneficiary

This is a unique facility for credit unions.

Credit unions have a nomination facility whereby if you are over 16 years of age, you can nominate someone to receive the property of your credit union accounts upon your death.

This is of benefit if the member dies without leaving a will as the property left in the credit union will not have to pass through the sometimes-timely intestacy process.

In general, the nomination form is first completed on joining the credit union as part of the membership application form.

You may nominate a person(s) of choice to receive your property presently up to a maximum value of €27,000. Any amount in excess of €27,000 will form part of your estate.

e.g. If you have €30,000 in your account, €27,000 will go to your nominee(s) and €3,000 will form part of your estate. (€30,000 – €27,000 = €3,000).

A completed nomination form must be signed and witnessed by two people (neither can be the nominee). The most recent nomination will be deemed the valid nomination, revoking all previous nominations.

You may change the details of your nomination as often as you like using the credit union nomination form.

A nomination is not revocable or variable by the terms of your will or by a codicil to your will.

The nominated property does not form part of a deceased person’s estate.

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 may form part of your estate.

Where your circumstances change (e.g. marriage, divorce or separation) you should review your nomination at that time.

A nomination is automatically revoked by your subsequent marriage.

A nomination can only be made in respect of a member’s sole account.

Please note: If your personal circumstances have changed, and you are concerned about your nomination, do not hesitate to speak to a member of staff in any one of our Dublin or Shannon branches.

If you would like more information on nominations, please contact us today.

Access Beneficiary Nomination Form here.

Nominations FAQs