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 important to note the following:
- A nomination must be in writing.
- 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.
- 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 at any time 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.
- 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.
- Where personal circumstances change (e.g. marriage, divorce, separation), a member should review their nomination.
- 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 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.