Nomination of Your Account
A nomination is a unique facility offered by credit unions to their members. It is a legally binding, written instruction that tells the credit union what to do with a member’s money after their death.
If you are a credit union member 16 years of age or over, you can nominate someone to receive the property of your credit union account (up to certain limits) upon your death.
You can nominate a person of your choice. In most instances, people choose to nominate their next of kin.
It is important that you review your nomination form regularly, to ensure that the person/s nominated is/are the most appropriate.
When you join a credit union, and you are 16 years of age or over, you will be asked if you wish to make a nomination.
If you join as a child a nomination form would not be completed. However, once a member reaches the age of 16, they can complete a nomination form.
You can complete a nomination form by visiting your local credit union. A completed nomination must be signed and witnessed (by two people in the Republic of Ireland).
Yes. You may change the details of your nomination as often as you like. The most recent nomination is the valid 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 may form part of your estate.
Where your personal circumstances change (e.g. marriage, divorce or separation) you should review your nomination at that time. A nomination is automatically revoked by your subsequent marriage.
You may nominate a person(s) of choice to receive your property presently up to a maximum value of €27,000* in Republic of Ireland or £20,000 in Northern Ireland. Any amount in excess of €27,000/£20,000 will form part of your estate.
* Increase to €27,000 from €23,000 from 22 February 2024 by statutory instrument
No. The nominated property does not form part of a deceased person’s estate. A nomination is not revocable or variable by the terms of your will or by a codicil to your will.
The funds left in the credit union will form part of the deceased person’s estate.
Assets passing by nomination are inheritances for Capital Acquisitions Tax purposes in the same way as assets passing through the estate by way of will or intestacy.
A nominee receiving nominated funds should contact Revenue in order for Revenue to make a correct determination on what their tax obligations are with regard to the nominated funds.
Find Out More
If you require more information on the nomination process or you wish to complete a nomination form, please contact your local credit union directly.