Nomination Facility
3 October, 2023Discover the Unique Benefits of the Nomination Facility at First South Credit Union
At First South Credit Union, we offer a special facility that sets us apart from other financial institutions – Nominations!
This unique feature allows you to nominate someone to receive the funds you have saved in First South Credit Union upon your death.
Let’s delve into the wonderful benefits this facility brings and how it works.
Simplifying the Process
The nomination facility is a helpful way to make sure that when you die, the money you have saved at First South Credit Union will go to the people you want it to. The process is simpler and faster than going through the courts.
Flexibility and Control
With the nomination facility, you have the freedom to choose who will receive your funds. As long as you are over 16 years of age, you can nominate anyone of your choice. Currently, the maximum amount the person you nominate can receive is €23,000. Any amount over this will form part of your estate.
Example:
- You have €30,000..
- You nominate 2 people.
- €23,000 will be divided between both people.
- The remaining €7,000 in your account forms part of your estate.
Easy to Update
Another of the many benefits of a nomination is the ability to change the details of your nomination as often as you like. Simply visit our office, and our friendly staff will assist you in completing the relevant form.
Unaffected by Your Will
A nomination made through First South Credit Union is different from other parts of estate planning. Your nomination can not be changed by what you wrote in your will or an addition to your will. This ensures that your funds do not become tied up in your estate.
Considerations and Updates
If you get married or your nominee passes away before you do, the nomination will no longer be valid. You should review your nomination at this time.
At First South Credit Union, we’re dedicated to providing you with peace of mind and exceptional service. Our nomination facility is just one of the many ways we strive to put you in control of your financial future.
To find out more about nominations, see here.
