Is the Nomination Form on your Credit Union account up to date?
When you first opened your account with us in Blackrock Credit Union you will have completed a Nomination Form. A Nomination is a legally binding, written instruction that tells the Credit Union what to do with your money after your death. You should always keep your Nomination up to date. This form allowed you, the member (nominator) to nominate a nominee/s (person/persons who become entitled) to any properties in the credit union upon your death.
It may be some time since you completed your form so it may be worth checking with us to see who you have nominated on your account. You might like to review and update your Nomination Form now as a person you nominated may sadly have passed away in the meantime. If you got married, separated or divorced since completing your Nomination Form you might also like to review it now.
A new law came in to effect on February 22nd 2024 which allows a nominator to nominate up to €27,000 of their credit union property to a nominee in the event of death. The nominated property does not form part of a deceased person’s estate and is therefore not taxable. Any amount in excess of €27,000 will form part of your estate and may be taxable. This maximum nomination level of €27,000 has increased from the previous nomination level of €23,000.
For further details on the Nomination of credit union accounts please click here. If you would like to print a copy of our Nomination Form please find it here Member Nomination Form. You can then fill out the top half of the form and bring it to our office in Blackrock where we will witness your signature.
Any questions?
If you have any questions about your Nomination Form, please call us on 01 283 1034, email info@blackrockcu.ie or drop in to our office in Blackrock, Dublin.
