If you are over the age of 16 you can nominate a person or persons to become entitled on your death to any shares that you may have in the Credit Union.

We advise all members to make a nomination and to regularly review your nomination. Under law, a nomination is treated separately from a person’s will (or their estate), up to a limit of €23,000.

Keys points to note in relation to nominations:

  • Any member over the age of 16 may make a nomination.
  • The nomination is only valid up to a limit of €23,000. Anything over that amount must go to form part of the individual’s estate.
  • The member can at any point in time change their nomination by completing a new form. Any previous nomination is automatically revoked.
  • The members Will (or any codicil to their Will) has no bearing on the nomination form, up to the limit of €23,000.
  • When a member marries, any nomination made before the marriage is automatically revoked by the marriage, and no nomination will apply to his/her account unless he/she makes a new one.
  • Joint account holders may not nominate, because when a joint tenant dies, the money in the account automatically becomes the property of the surviving joint tenant.

Please contact St. Francis Credit Union to ensure you have completed a nomination form.