Nominations

A nomination is a legally binding written instruction that tells People First Credit Union what to do with your account in the event of your death.

If you have a valid nomination, your credit union property is distributed in accordance with the nomination and not, as would otherwise be the case, pursuant to your will or the provisions of the Succession Act 1965.

All types of property in the credit union can be subject to nomination, this includes savings and insurances.

The maximum amount that can pass under a Nomination is €27,000.

Any amount in excess of this balance becomes part of the deceased member’s estate.

If you have a valid nomination, your credit union property will be distributed in accordance with your nomination, up to €27,000. Any funds above €27,000 are included in the deceased’s estate.

The nomination will supersede your will and is not revocable or variable by your will or any codicil to it.

You can make a nomination at any time following your membership approval.

For a nomination to be valid, it must:

• Be made by a person over 16 years of age in accordance with the Credit Union Act and Credit Union Rules.
• State the full name and address that clearly identifies the person(s) to be entitled to the benefit of the nomination.
• Specify the property involved.

Our staff will record your nomination details and will explain the rules to you.

Two staff members will witness your signing of the nomination form, as required by law.

If you do not have a valid nomination completed, your credit union property will become part of your estate on your death, and shall be dealt with under your will or under the rules of intestacy (Succession Act 1965).

Your marriage after completing a nomination automatically revokes that nomination - you should complete a new nomination at that time.

Your spouse will not automatically become your nominee. Your account may be treated as not having a valid nomination which means that, in the event of your death, your property will be distributed in accordance with your will or the rules of intestacy (Succession Act 1965).

It is very important that you complete a new nomination if you get married to ensure that your wishes are carried out.

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.

A legal separation or divorce does not invalidate a nomination.

If your nominee is your spouse, and you separate from or divorce them - they will remain your nominee until you complete a new nomination form or instruct us to revoke your nomination.

Yes. Where a member makes a new nomination, this replaces the existing nomination held.

Nominations can be created or amended in any of our offices. The nomination must be made in writing, with a wet signature witnessed by two staff members.

Your nominee does not need to sign the form or be present in the office.

You may revoke your nomination at any time in any of our offices.

Section 23 of the Credit Union Act 1997 (as amended) provides that, where the member holds no valid nomination and their property does not exceed €18,000 at the time of their death, the Board of Directors may distribute that property among such persons as appears to the board to be entitled by law to receive it.

No. If one tenant of a joint account dies, the property in that account transfers to the surviving tenant.

If you joined as a child (under 16), you would not have had a nomination form completed. Once you reach the age of 16, you should fill out a nomination form.