Members over 16 years are encouraged to nominate a person(s) to receive their credit union property in the event of their death. The maximum amount you can nominate is €23,000. This means that on your death, your savings will not form part of your estate and can be distributed without delay to the person(s) you have named on your Nomination Form.
As a Nomination overrides a Will, we encourage members to complete a Nomination and keep it up to date.
You can update your Nomination any time at Cara Credit Union.
- Members under 16 years are not eligible to complete a Nomination Form.
- A member cannot nominate an Officer of Cara Credit Union unless that person is a member of the Officer’s family.
- The Nomination is valid up to a limit of €23,000. Any amount above €23,000 becomes part of the member’s estate.
- The member can at any time change their Nomination by completing a new Nomination Form. Any previous Nomination will automatically be cancelled.
- A Nomination overrides a Will, so it is important to have a nomination and keep it up to date.
- The marriage of a member of Cara Credit Union cancels any Nomination made by him/her before his/her marriage. This applies even if the same person is to be nominated.
- A Nomination shall be cancelled by the death of the Nominee before the death of the Nominator.
- The form of Nomination must be made at the registered office of Cara Credit Union during the Nominator’s lifetime.
Once Cara Credit Union’s Board of Directors receives satisfactory proof of death of the member, the account and monies will be processed.
To fill in a Nomination Form, call in to our offices in Tralee, Castleisland and Killorglin with Photographic ID.