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.

Who can be nominated?

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 do you make a nomination?

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.

How do you make a nomination?

You can complete a nomination form by visiting any of our five branches. A completed nomination must be signed and witnessed (by two people in the Republic of Ireland).

Can you change your nomination?

Yes. You may change the details of your nomination as often as you like. The most recent nomination is the valid nomination.

What happens if the person nominated on the form passes away?

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.

Is there any impact when a person gets married?

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.

What is the maximum amount you can pass through the nomination process?

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.

* Increase to €27,000 from €23,000 from 22 February 2024 by statutory instrument

Does making a will impact a nomination?

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.

What happens if a member dies without completing a nomination form?

The funds left in the credit union will form part of the deceased person’s estate.

Are there any tax implications of a nomination?

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.