Who’s Your Nomination?
Credit Unions have a nomination facility where you nominate someone to receive the property of your Credit Union accounts in the event of your death. It is a legally binding, written instruction. The nomination service is very valuable to members as 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.
Please note that funeral directors cannot be paid from the credit union accounts on the death of the member, even where an invoice is produced and irrespective of the valid nomination on the account.
Please note that the receipt of the nominated funds may be liable for tax.
On receipt of the nominated funds, you are advised to contact Revenue to determine if you may have a tax obligation.
The National CAT Helpline can be contacted at 01 738 1673 and operates from 9.30am – 1.30pm Monday – Friday. Below is a link to the team’s “Contact us” webpage for convenience: https://www.revenue.ie/en/contact-us/customer-service-contact/national-capital-acquisitions-tax-cat-unit.aspx.
Please see further information on Revenue.ie regarding Capital Acquisitions Tax: https://www.revenue.ie/en/gains-gifts-and-inheritance/gift-and-inheritance-tax-cat/index.aspx.
Nomination FAQs
What happens to my shares when I die?
Members of the Credit Union can nominate a person to receive their Credit Union Shares and insurance benefits (if any) up to €27,000 on their death. Any funds above the €27,000 are included in the deceased’s estate.
Who can I nominate?
A member can nominate anyone; family, a friend or several people. It is important that members review their nomination regularly.
Can I change my nomination?
Yes, by filling in a new nomination form. You should update your nomination when there is a change to your personal circumstances (e.g. marriage, divorce or separation). A nomination is automatically revoked if you get married. So, if for example, you had nominated your sister in the past and you have since gotten married, you’ll need to update your nomination to name her again. Or, if you would prefer your spouse to be your new nomination you will need to name them, otherwise there will be no valid nomination on your account.
Can I check my nomination?
Yes, a member of staff will be delighted to confirm whether you have completed a nomination and who your nominee is.
What if my parents opened my account for me as a child?
If you joined as a child you would not have had a nomination form completed. Once you reach the age of 16 you will need to fill out the nomination form.
Is there a cost?
No, there is no cost for setting up or changing a nomination.
