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. This is of great benefit if the member dies without leaving a will as the property left in the credit union will not have to pass through the sometimes lengthy intestacy process.

If you are a South Dublin 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.

You can nominate any person/s of your choice. In most instances, people choose to nominate their next of kin.

You may nominate a person(s) of choice to receive your property presently up to a maximum value of €27,000. Any amount in excess of €27,000 will form part of your estate.

It is important that you review your nomination form regularly, to ensure that the person/s nominated is/are the most appropriate.

When you join our 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.

You can complete a nomination form by visiting our credit union office in Stillorgan. A completed nomination must be signed and witnessed by two South Dublin Credit Union Officers.

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

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 and may then be liable to tax.

Where your personal circumstances change (e.g. marriage, divorce or separation) you should also review your nomination at that time. A nomination is automatically revoked by your subsequent marriage.

Please Note: Under section 21(4) of the Credit Union Act 1997, a nomination shall not be revocable or variable by the will of the nominator or by any codicil to his/her will.

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.

You can view a copy of our Nomination Form here and the details required to complete same.