A Valuable, Free-to-Members Credit Union Service A NOMINATION is a legally binding, written instruction that tells the Credit Union what to do with your money after your death. The Nomination service is very valuable to members in that it allows access to nominated funds by the nominee within a very short period of the death of the member. And while it will not relieve the loss suffered by the nominee, it serves to relieve potential cash-flow difficulties. A Nomination is valid up to the amount of €23,000** Any member aged 16 or over may make a nomination. The most recent nomination invalidates any previous nomination. A member may change his/her nomination whenever he or she likes.

Under Section 21(4) of the Credit Union Act 1997, a nomination is not revocable or variable by the will of the nominator or by any codicil to his/her will.

i.e. a will does not over-rule a valid nomination.

Under Section 21(6) of the Credit Union Act, 1997, the marriage of a member of a credit union operates as a revocation of any nomination made by him/her before his/her marriage.

i.e. marriage cancels a nomination.

We advise all members to make a nomination when joining and to regularly review your nomination. Nominations can be made very easily, and amended very easily also. Please contact us if you require more details.

**If amounts over €23,000 are held in an account, then Irish Probate must be taken out before the excess funds can be released into the estate of the deceased member.

Note: If no nomination form has been filled in, the maximum the credit union may pay out on a members death is €15,000. The balance of the deceased members funds goes into their estate.