Why do I need to complete a nomination form?
When a member joins the credit union, you are asked to nominate a beneficiary on the application form. The person nominated will benefit from the member’s shares at the time of death. This avoids probate delays.
- Members can nominate a person/persons to receive their credit union shares and insurance benefits (if any), on death
- The person/persons nominated can receive the funds without any problems and there is no need for probate
- There is a new maximim limit of €23,000 that can now be passed to a nominee in this way. The balance over €23,000 if any goes into the estate
It is therefore important for members to update this form to ensure that it reflects any change in his/her status. In circumstances where the nominated beneficiary pre-deceases the credit union member another beneficiary should be nominated. It is important that the member updates their nomination if their marital status changes as the original nomination becomes invalid once the credit union member gets married or divorce.