Form of Nomination
Some may not think it’s relevant right now but it’s important to take the necessary steps to protect your family in the event of your death. At St Raphael’s we regularly see many instances where deceased members have not updated their ‘Form of Nomination’ which complicates matters for their next of kin. For those members who have filled it in, their next of kin can access up to €23,000 following their death, which can often make life less complicated at a traumatic time.
What is a Form of Nomination?
A nomination is an instruction whereby a member nominates a beneficiary (usually a family member) to receive their property in the credit union upon their death. Property includes shares, deposits, loans and insurance proceeds. By completing a form of nomination, it enables your family to have access to you funds without having to wait for legal matters, such as Grant of Probate, to be sorted first. The maximum amount payable is €23,000, terms and conditions apply. Any balances exceeding €23,000 will form part of your estate.
A Form of Nomination supersedes a Will.
How do I complete a Form of Nomination?
Completing a form of nomination is easy, simply download a nomination form by clicking here, sign it and return it to the credit union. If you call us or drop in we can also give you a form.
Some more information...
- If you do not complete a nomination form, the proceeds of your account will form part of your estate and will require a Grant of Probate to be released, which can take up to a few years.
- You may amend or cancel your nomination at any time by completing a new nomination form.
- If your nominee dies before you, you nomination is automatically revoked and you will need to complete a new form of nomination. If not, the proceeds will form part of your estate and would require a grant of probate.
- Your nomination will be automatically cancelled if you marry after completing a form of nomination. A new form of nomination should be completed with your husband/wife's details. However, if you re-marry, this does not automatically cancel your most recent nomination. Therefore, you’re ex-husband/wife may receive the funds in your account.