Adult Safeguarding Day - Planning Ahead
18 Nov 2021
Adult Safeguarding Day is an initiative coordinated by Safeguarding Ireland in partnership with organisations across the health, social, financial and justice sectors. The aim is to raise a greater awareness and understanding of safeguarding with respect to 1) rights 2) services and 3) empowerment.
In its inaugural year, here at the credit union, we hope to see this day continue for many years to come, as we are not just a financial institution, but a community based not for profit organisation, who put the needs of our members at the forefront of everything we do.
The Operating Principles of the credit union prioritise the economic and social well-being of all members through their vision of social justice, and wider benefit of this to the local community.
Make a nomination
If you are 16 years and over and you wish for your credit union funds to go to your family or any other person upon your death, you can fill out a nomination form. The credit union is the only financial services provider to enable you to nominate your property held in the credit union separate to your estate.
The form must be signed by yourself and delivered to the credit union within your lifetime. The maximum amount you can nominate is €23,000 in Ireland and £20,000 in Northern Ireland. If your account holds more than this amount on the date of death, the monies in excess of the €23,000 or £20,000 will go into the deceased estate.
There is no maximum amount of nominees, however, if there is more than one nominee, it is advised that the nomination form specifies what percentage of the credit union monies should be given to each nominee – for instance a 50% share for two nominees, or a 25% share for four nominees, or 50% for a spouse and 10% for each of your five children, etc. Similarly, it might be noted that only ‘a person or persons’ may be nominated, which means that a charity, local church, etc. may not be nominated.
Factors which can affect the validity of a nomination
- Where the member gets married after making the nomination, the nomination will become invalid.
- Where the nominee dies before the member, and where no new nomination to another person has been made, the nomination will be revoked (cancelled).
- Where the nomination is not signed properly, or if it doesn’t reach the credit union within your lifetime, it will be deemed invalid.
- A nomination made to a company or charity will be deemed invalid.
- The completion of a new nomination, will revoke the previous nomination.
- A nomination can only be made on a sole account. This is because the monies in a joint account are owned by both joint account holders and so when one person on a joint account dies, the other person receives all the monies in the joint account.
- Please note that a Will cannot revoke a nomination as it is deemed a separate legal document
What happens if there is no nomination on my account, or if it becomes invalid?
If you do not have a nomination in place, or your nomination becomes invalid for one of the reasons specified below, the “small payments rule” comes into operation. This rule states that where there is no nomination, and where the amount in the member’s account does not exceed €15,000 in Ireland, or £20,000 in Northern Ireland, this money can be paid to persons that the Board believes to be legally entitled to it, such as a spouse or children, or a civil partner, for instance.
Where there are no such persons or where there is an amount of money in the account which exceeds €15,000 in Ireland, or £20,000 in Northern Ireland, the credit union will need to pay the monies into the deceased estate.
Think Ahead Form
‘Think Ahead’ is an Irish Hospice Foundation programme. It provides a guide to members of the public to help you discuss and record your preferences in the event of an emergency, serious illness, or death. While it is the only place you can record your healthcare instructions, it also allows you to look at your finances and consider what should happen in the event of your incapacity or death. Find out more information here.
If you need to contact your credit union to discuss any matter, you can find their details on our Credit Union Locator. Once the credit union is made aware of the circumstances involved, we will do everything possible to ensure that you continue to be in control of your credit union affairs, and that your funds are well-safeguarded.