- A “Nomination” is a unique facility available only to Credit Union members and could be described as a “Mini-Will”.
- A nomination must be in writing. You may obtain a nomination form in your Credit Union office.
- The statutory maximum amount that can pass under a nomination is currently €27,000 (increased from €23,000 on 22nd February 2024). Any amount in excess of this balance will form part of your estate.
- If you elect not to complete a nomination, the proceeds of your account will form part of your estate on your death and will be dealt with under the terms of your will, under the rules of intestacy if you make no will or under the small payments provision¹.
- You may revoke or vary your nomination at any time by completing a new nomination form.
- A nomination is not revocable or variable by the terms of your will or by a codicil to your will.
- 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 will form part of your estate.
- A nomination is automatically revoked by your subsequent marriage.
- Where your personal circumstances change (e.g. marriage, divorce or separation) you should review your nomination at that time.
- 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.
- Small Payments Provision: where no valid nomination exists and the amount in your account is under €18,000 (increased from €15,000 on 22nd February 2024) in total (including insurance etc.) the Board of Directors of the Credit Union may, without letters of administration or probate of any will, distribute your property in the Credit Union to such persons as appears to the Board to be entitled by law to receive it
