Personal account holders in Wexford 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 essential to note the following:
- A valid nomination covers all credit union property. Property may be assigned to one person only (not necessarily next of kin) or divided between various people.
- This person or persons (who need not be a member of the credit union or next of kin) cannot be an officer of the credit union unless they are also a member of the family of the nominator, nor can the nomination be to a body that is not a named person, i.e., a company/charity.
- A nomination can only be made regarding a member’s sole account.
- Where the member nominates only one person, they will be the sole beneficiary of their credit union property on death if the amount is equal to or less than the statutory maximum.
- A nomination must be in writing and held by the credit union.
- 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.
- Although the current maximum is €23,000, a member can nominate less than that.
- 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 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. The nominated property does not form part of a deceased person’s estate.
- 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. The marriage of a nominator does not mean that an automatic nomination is then payable to their spouse. Should a nominator wish to nominate their spouse, they must complete a nomination to them.
- Where personal circumstances change (e.g., marriage, divorce, separation), members should review their nomination. It is important to note that marriage will automatically revoke a member`s nomination but changes to personal circumstances such as divorce or separation will not. In such cases, the member should review their nomination.
- The nominee’s death before the nominator will automatically revoke a nomination. They may wish to consider completing a new nomination at that time.
- When a nomination is made to a person under 16, their parent/guardian/ or another appropriate person of full age who signs a receipt and indemnity.
- A person under 16 years of age cannot make a valid nomination.
*Small Payments Provision: Where no valid nomination exists and the amount in the member’s account is under €15,000 in total (including insurance, etc.), the board of directors of the credit union may, without letters of administration or probate of any Will, distribute their property in the credit union to such persons as appears to the board to be entitled by law to receive it.