A Nomination Form is one of the most important forms available to Credit Union members, yet many people cannot remember whether they have completed one or whether the details are still correct.
A nomination is a written instruction that allows a member to name the person, or people, who can receive funds from their Credit Union account after their death, subject to the current statutory limit of €27,000.
Without a nomination, funds held in a Credit Union account form part of a member’s estate and are dealt with in accordance with the relevant legal process.
Who Can You Nominate?
The choice is entirely yours.
You may nominate a family member, a friend, a partner, or several people. There is no requirement for nominees to be related to you.
The important thing is making sure the details recorded on your account still reflect your wishes.
Circumstances Change
A nomination should not be something you complete once and then forget about.
People get married, families grow, relationships change, and sadly some nominees may pass away before the account holder. Events like these can affect an existing nomination and may mean a new form is required.
Members can update their nomination at any time by completing a new Nomination Form.
Accounts Opened As A Child
Many Credit Union accounts are opened for members when they are young.
As a result, a nomination may never have been completed. Members become eligible to make a nomination from the age of 16 and should consider doing so once they reach that age.
Important Things To Remember
Under Credit Union rules:
- A nomination must be made in writing.
- The current statutory limit is €27,000.
- Any balance above €27,000 forms part of a member’s estate.
- A nomination can be replaced by completing a new form.
- A nomination cannot be altered by a Will.
- Marriage automatically revokes a nomination.
- If a nominee dies before the member, the nomination becomes invalid.
- A person under 16 cannot make a valid nomination.
Not Sure If You Have One?
Many members are unsure whether a nomination is recorded on their accounts or are unsure whether they have a current Nomination Form on file.
Phoenix Credit Union staff can confirm whether a nomination exists and provide guidance if a new form needs to be completed.
A quick review today can help ensure the details recorded on your account are correct.
