If you are over the age of 16 you can nominate a person or persons to become entitled on your death to any shares that you may have in the Credit Union.

We advise all members to make a nomination and to regularly review your nomination. Under law, a nomination is treated separately from a person’s will (or their estate), up to a limit of €27,000.

Keys points to note in relation to nominations:

  • Any member over the age of 16 may make a nomination.

  • The nomination is only valid up to a limit of €27,000. Anything over that amount must go to form part of the individual’s estate.

  • The member can at any point in time change their nomination by completing a new form. Any previous nomination is automatically revoked.

  • The members Will (or any codicil to their Will) has no bearing on the nomination form, up to the limit of €27,000.

  • When a member marries, any nomination made before the marriage is automatically revoked by the marriage, and no nomination will apply to his/her account unless he/she makes a new one.

  • Joint account holders may not nominate, because when a joint tenant dies, the money in the account automatically becomes the property of the surviving joint tenant.

Please contact Ballinasloe Credit Union to ensure you have completed a nomination form.

Capital Acquisitions Tax

Please note that although a nominated credit union account falls outside the estate of the deceased account holder, the individual receiving the proceeds of the account under the nomination may still be liable for Capital Acquisitions Tax based on (a) their own personal circumstances and (b) their relationship to the person giving the nomination.

More information on Capital Acquisitions Tax: https://www.revenue.ie