Members over 16 years of age may nominate a beneficiary on a separate Nomination Form. The person nominated will benefit from the member’s shares at the time of death. This avoids probate delays.
It is therefore important for members to update this form to ensure that it reflects any change in his/her status.
In circumstances where the nominated beneficiary pre-deceases the credit union member another beneficiary should be nominated. It is important that the member updates their nomination if their marital status changes as the original nomination becomes invalid once the credit union member gets married. Divorce does not affect the validity of a nomination.
- Members can nominate a person/persons to receive their credit union shares and insurance benefits (if any), on death.
- The person/persons nominated can receive the funds without any problems and there is no need for probate.
- There is a maximum limit of €23,000 that can be passed to a nominee in this way. Any balance over €23,000 goes into the estate
Please contact Castleblayney Credit Union to ensure you have completed a nomination form.