A nomination is a legally binding written instruction that tells Core Credit Union what to do with your account in the event of your death.
How Nominations Work
Where a valid nomination exists, amounts of up to €27,000 do not form part of the deceased member’s estate. A will cannot change a nomination; it must be changed by completing a new nomination.
Members aged 16 or over may nominate a person or persons to receive their property held with Core Credit Union on their death. Property includes shares, deposits, and insurance proceeds.
This can be particularly beneficial where a member dies without leaving a will, as the funds held in the Credit Union do not need to go through the intestacy process.
Summary of Nomination Rules
Maximum Amount
The maximum amount that can pass under a Nomination is €27,000. Any amount in excess of this balance becomes part of the deceased Member’s estate.
Estate & Intestacy
If a Member elects not to complete a Nomination, the proceeds of Members accounts become part of their estate on their death, and are dealt with under their will or under the rules of intestacy.
Changing a Nomination
A Member can change their original Nomination at any time by making a new Nomination. A Nomination precedes the deceased Member’s will.
Marriage & Revocation
A Member can change their original Nomination at any time by making a new Nomination. A Nomination precedes the deceased Member’s will.
Small Payments Provision
Where no valid Nomination exists and the amount is under €18,000, the Board of Directors may distribute the property to such persons as the Board deems to be entitled to it.
Joint Accounts
By virtue of the right of survivorship, on the death of one party to a joint account, the account becomes the property of the remaining party or parties.
Living outside the Republic of Ireland?
A person under 16 years of age cannot make a valid Nomination.
An officer of the Credit Union cannot be a nominee, unless the nominator is a member of their family.
If a nominee is under 16, payment can be made to a parent or guardian to hold in trust.
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