Rathkeale & Districk Credit Union
Nominations
A nomination is a legally binding, written instruction to the credit union as regards the distribution of your savings after death.
If no nomination form has been completed, the maximum the credit union may pay out on a member’s death is € 15,000. The balance of the deceased member’s funds goes to their estate.
The nomination service is very valuable to members in that it allows access to nominated funds by the nominee within a very short period of the death of the member. While it will not relieve the loss suffered by the nominee, it serves to relieve potential cash-flow difficulties. The following points should be noted:
- The statutory maximum amount that can pass under a nomination is currently € 23,000. Any amount in excess of this balance becomes part of the deceased member’s estate. If amounts over € 23,000 are held in an account, then Irish Probate must be taken out before the excess funds can be released into the estate of the deceased member.
- If a member elects not to complete a nomination, the proceeds of his/her account became part of his/her estate on his/her death and are dealt with under his will or under the rules of intestacy if he makes no will.
- A nomination is automatically revoked when the death of the nominee occurs before the death of the nominator. In this case, the deceased’s property in the credit union passes to his/her estate.
- The nominated property does not form part of a deceased person’s estate. Therefore, a payment made under a nomination does not affect a nominee’s entitlements under a will.
- 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 tenant to the account. A nomination cannot be completed on a joint account.
- Any member aged 16 or over may make a nomination.
- A member may change his/her nomination whenever he/she likes.
- A will does not overrule a valid nomination.
- Marriage cancels a pre-existing nomination
We advise all members to make a nomination and to regularly review their nomination. Nominations can be made very easily and amended very easily.