This is a unique facility for First South Credit Union (FSCU) members whereby if you are over 16 years of age, you can nominate someone to receive the property of your credit union accounts upon your death. This is of 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 timely intestacy process.
The benefit of making a nomination is that if the member dies without leaving a will, the funds left in the members credit union account will not have to pass through the sometimes
timely intestacy process.
Pop in to any branch with your Member book or your photo ID and a member of staff will be happy to assist you in setting up a nomination on your account.
Any member over 16 years of age is entitled to complete a nomination on their account.
If you do not make a nomination, then normal probate policies will apply.
You may change the details of your nomination as often as you like. A completed nomination must be signed and witnessed. Pop into any branch and a staff member will help you complete the relevant form and witness your signature. The most recent nomination is the valid nomination.
Please note: Where your personal circumstances change (e.g. marriage, divorce or separation) you should review your nomination at that time.
Your nominee does not need to be related to you.
But if you are nominating a person who lives abroad, bear in mind they will need to visit the Credit Union in person when you die.
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.
Yes. Your nomination is automatically revoked when you get married. If you wish to put a new nomination in place, please visit the Credit Union.
You are not able to nominate a charity. Your nominee must be a named person.
We will make contact with the person(s) you nominated and they will then need to visit the Credit Union in order to receive any funds.
The maximum amount that can be distributed to your nominee(s) is €23,000.
So if you have €30,000 in your account, €23,000 will go to your nominee(s) and €7,000 will form part of your estate. (€30,000 - €23,000 = €7,000)
For example, if you nominate two people you may decide that one nominee is to get 60% and the other, 40%.