A nomination is a legally binding, written instruction that tells Life Credit Union what to do with your money after your death.
As a member, you complete a Nomination Form which allows you (nominator) to nominate a person/persons (nominees) to become entitled to any properties in the credit union in the event of your death.
The nomination service is very valuable to members in that it allows access to nominated funds by the nominee within a very short time of the death of the member. While it will not relieve the loss suffered by the nominee, it could relieve any potential cash flow difficulties.
Frequently Asked Questions
Members of the credit union can nominate a person to receive their credit union shares up to €23,000 on their death.
2. Who can I nominate?
A member can nominate anyone – family member, friend or group of people (you CANNOT nominate a club or charity, it must be a person). It is important that members review their nomination form regularly.
3. Can I change my nomination?
Yes, by filling out a new nomination form. A nomination becomes invalid if the member gets married or the nominee dies. It is a good idea therefore to review the nomination from time to time to ensure that the person(s) nominated is/are the most appropriate. Please note that divorce or legal separation will not revoke a nomination.
4. What happens if I joined as a child (through my parents)?
If you joined as a child, you would not have filled out a nomination form. Therefore, once you reach the age of 16, you will need to fill out the nomination form.
5. Where do I get a nomination form?
You can download the Nomination Form here or request a copy at one of our branches. Please note, the nomination form must be completed by the Nominator in the presence of a Life CU official. You can drop in to any of our branches and ask a member of staff or call 045 879 622.
Please note the following:
* Small Payment Provision: where no valid nomination exists and the amount in your account is less than €15,000 in total (including insurance etc.), the Board and Directors of Life Credit Union may, without letters of authorisation or probate of any will, distribute your property in the credit union to such person(s) as appear to the Board to be entitled by law to receive it.
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