What is a nomination?
This is a unique service for credit union members. A nomination is a legally binding, written instruction that tells the credit union what to do with your money after your death. It is a free service to members, and we encourage all members over the age of 16 to make a valid nomination.
The nomination service is very valuable to members and their families as it allows access to the nominated funds by the nominee within a very short period of time after the death of the member. While it will not relieve the loss suffered by the nominee, it serves to relieve potential cash flow difficulties.
The bullet points
- Free, easy and confidential. Ask any staff member in any of our offices
- Available to all members aged 16 and over
- Capable of being changed at any time
- Any clearly identified person can be a nominee – it does not necessarily have to be next of kin
- A member may nominate more than one person
Members, please note the following:
- In order to be valid, the form of nomination must be:
- completed in writing
- witnessed – the witnesses cannot be a named nominee
- be delivered to the registered office of the Credit Union during your lifetime
- A will does not over-rule a valid nomination; The nomination supersedes any will in place.
- The statutory maximum amount that will be paid out under a nomination is currently €27,000 (€23,000 on deaths that occurred before 22/02/2024. Any amount in excess of this balance will form part of your estate.
- A marriage invalidates a nomination. A new nomination made after marriage is valid.
- Divorce or legal separation will not revoke a nomination. If your personal circumstances change, e.g. marriage, divorce, legal separation, you should review your nomination.
- 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.
- 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, or if you have made no will, under the rules of intestacy or under the small payments provision.
Complete a nomination in your local Affinity Credit Union office
