A nomination is a legally binding, written instruction that tells the Credit Union what to do with your money after your death. Here are some frequently asked questions to explain further:
What happens to my shares when I die? If you have completed a Nomination Form, your nominee/s will receive your Credit Union Shares and insurance benefits (if any) up to €23,000 when you die.
Who can I nominate? You can nominate anyone, family or friend or group of people. it is important that you review your Nomination Form regularly.
Can I change my nomination? Yes, by filling in a new Nomination Form A nomination becomes invalid if you get married or the person that has been nominated dies. It is a good idea therefore to review your nomination form from time to time in order to ensure that the person/s nominated is/are the most appropriate. Note, divorce or legal separation will not revoke a nomination.
Should I ask about my nomination? Yes, a member of staff will be delighted to confirm whether you have completed a nomination and who your nominee is.
My account was opened for me when I was a child? If you joined as a child you would not have had a Nomination Form completed. Once you reach the age of 16 you should fill out a Nomination Form.
Where do I get a Nomination Form? You can call into our office and complete a Nomination Form at any time.
Terms & Conditions
Personal account holders in Cavan Credit Union are entitled to nominate a person/s to be the beneficiary of their credit union savings following death.
Under credit union rules it is important to note the following:
A nomination must be in writing.
The statutory maximum amount that can pass under a nomination is currently €23,000. Any amount in excess of this will form part of the deceased member’s estate.
For members that elect not to complete a nomination, the proceeds of their account will form part of their estate on death and will be dealt with under the terms of their Will, under the rules of intestacy if there is no Will, or under the small payments provision.*
Members may revoke or vary a nomination at any time by completing a new nomination form.
A nomination is not revocable or variable by the terms of a Will or by a codicil to a Will.
A nomination is automatically revoked when the nominee dies before the account holder. In this case, a new nomination should be completed.
A nomination is automatically revoked by the account holder’s subsequent marriage.
Where personal circumstances change (e.g. marriage, divorce, separation), a member should review their nomination.
The nominated property does not form part of a deceased person’s estate. A person under 16 years of age cannot make a valid nomination.