When you join Lisduggan Credit Union you will be asked to complete a Nomination form. This form asks you to detail who you would like to receive your savings (plus any insurance)* in the event of your death. It can be changed at any time, and we would encourage our member’s to ensure that they change their nomination if their personal circumstances change.
- Nominations up to €23,000 can be paid directly to the nominee(s), with any additional amounts being paid directly to the estate of the deceased.
- Member’s can nominate one individually or several individuals. Were multiple nominees exist the available account funds will be distributed equally.
- Marriage invalidates a pre-existing nomination. This means that when a member marries their spouse automatically becomes the nominee and any pre-existing nomination form becomes invalid. However, a member can simply complete a new nomination form once they are married if they wish to nominate someone other than their spouse.
- In the event of the death of a member the credit union can only discuss matters relating to the account with the nominee(s).
- Were a member dies with no nominee – the proceeds of the account will form part of the member’s estate and will be distributed in line with the member’s will.
- Death Benefit Insurance (if in place on the account)is paid directly to the funeral director. Where the funeral bill has already been paid, the DBI may be made payable to individual who has paid the funeral bill, upon receipt of appropriation documentation.
- Where a member has nominated an individual who has since died, it is essential that a new nomination form is completed. If no update is made there will be no valid nominee on the account.
- Where a member has separated and their former spouse/partner is nominated the nomination will remain valid unless changed by the member.
Nomination forms are available at both of our offices.
*subject to terms & conditions