A Valuable, Free-to-Members Credit Union Service

A Nomination is a legally binding, written instruction that tells the Credit Union what to do with your money after your death.

Members of Clonakilty & Dunmanway Credit Union can nominate someone to receive up to a maximum value of €27,000 on the event of their death.

All members over the age of 16 can nominate someone when they join Clonakilty & Dunmanway Credit Union.

We advise that all members review their nomination and update our staff of any changes they wish to make.

You nomination and savings are separate to your will and estate and are not affected by the terms of your will.

Nominations FAQs

Where do I get a nomination form?

You can call into our offices and complete a nomination form at any time

Members please note the following:

• A nomination must be in writing. You may obtain a nomination form from any of our offices.
• The statutory maximum amount that will be paid out under a nomination is currently €27,000. Any amount in excess of this balance will form part of your estate.
• If you elect not to complete a nomination, the proceeds of your account will form part of your estate on your death and will be dealt with under the terms of your will, or if you have made no will, under the rules of intestacy or under the small payments provision.*
• You may revoke or vary your nomination at any time by completing a new nomination form.
• A nomination is not revocable or variable by the terms of your will or by a codicil to your will.
• 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 will form part of your estate.
• A nomination is automatically revoked by your subsequent marriage. Note Divorce or legal separation will not revoke a nomination.
• Where your personal circumstances change (e.g. marriage, divorce or separation) you should review your nomination at that time.
• The nominated savings do not form part of a deceased person’s estate.
• A person under 16 years of age cannot make a valid nomination.
• Clonakilty & Dunmanway Credit Union advises individuals receiving funds to immediately contact Revenue in order for Revenue to make a correct determination on what their tax obligations are with regard to the to the nominated funds.

*Small Payments Provision: Where no valid nomination exists and the amount in your account is under €18,000 in total (including insurance, etc.) the Board of Directors of Clonakilty & Dunmanway Credit Union may, without letters of administration or probate of any Will, distribute your property in the credit union to such persons as appear to the Board to be entitled by law to receive it.