Nominations
Nominations
Ensure your savings go to your chosen beneficiary. Nominate a person to receive your funds in the event of your passing. You can change this at any time across the lifetime of your membership.
What is a Nomination?
A nomination is a legally binding instruction that tells Public Service Credit Union what to do with your money held in your credit union account/s after your death. Members over 16 years of age can nominate a person(s) to receive money held in their credit union account(s) up to a legal maximum value of €27,000. This nomination is separate from the rest of your estate and is not included in the probate or intestacy process.
- Probate: This is the legal process that takes place after someone dies, involving proving that their Will is valid and then distributing their assets according to their wishes.
- Intestacy: This occurs when someone dies without leaving a Will. In this case, the law decides how their assets are distributed.
Key Points
The nominated money up to a value of €27,000 does not form part of your estate. However, any amount in your credit union account/s over €27,000 will form part of your estate.
A nomination must be in writing. An original signature and original document is required.
A completed nomination form must be signed and witnessed by two witnesses, neither of whom can be a nominated person on the account. Ask a staff member to help you complete the form and witness your signature.
You can change your nomination details as often as you like
Your most recent nomination is the valid nomination.
A nomination is automatically cancelled if your chosen nominee dies before you. If this happens, you should complete a new nomination.
Review and update your nomination when your personal circumstances change (e.g., marriage, divorce, separation).
A nomination is not affected by the terms of a Will or a codicil to a Will (A codicil is a legal document that makes changes or additions to an existing Will).
A nominated credit union account is not exempt from Capital Acquisitions Tax.
Our Nominations FAQs
Have a question? Check below to see if it is answered in our Frequently Answered Questions.
You can nominate anyone—family, friends, or a group of people. It is important to review your Nomination Form regularly
Yes, you can change your nomination at any time by filling in a new Nomination Form. A nomination becomes invalid if you get married or if the nominated person dies. It is a good idea to review your nomination form regularly to ensure that the nominated person(s) is/are appropriate. Note that divorce or legal separation will not revoke a nomination.
Yes, our staff can confirm whether you have completed a nomination and who your nominee is.
If you joined as a child, you would not have completed a Nomination Form. Once you reach the age of 16, you should fill out a Nomination Form.
You can download a Nomination Form here. The form requires two people to witness your nomination, neither of whom can be a beneficiary.
