What is a Nomination?
Credit Unions have a nomination facility where you can nominate someone to receive the property of your Credit Union accounts in the event of your death. The nomination is a legally binding, written instruction. After a loss, Newry Credit Union will act quickly on behalf of a nominee and will provide financial assistance during this difficult time.
Members of Newry Credit Union can nominate someone to receive up to a maximum of £20,000 on the event of their death. Anything over this amount would form part of your estate. You can have more than one nominee, but each nominee must be over the age of 16.
A nomination form sits outside any will you have made in the past or any will you plan on making in the future. If your personal circumstances change or if your nominee pre-deceases you, this will invalidate the form and you will need to call into the office to complete a new nomination form.
Completion of a new nomination form revokes all previous forms. For the form to be valid, it must be signed and witnessed and retained in Newry Credit Union.
Nomination FAQs
What happens to my shares when I die?
Members of Newry Credit Union can nominate someone to receive their Credit Union shares and insurance benefits (if any) up to a maximum of £20,000 on the event of their death. Anything over this amount would form part of the member’s estate.
Who can I nominate?
A member can nominate one or more nominees for their account, but each nominee must be over 16 years of age. It is important that members review their nomination form regularly, especially after significant changes to family circumstances.
Can I check my current nominee?
Yes, a member of staff will be able to confirm if you currently have a nomination in place and who that nominee is. If you are unsure, please check with a member of staff that your nomination is still valid.
A nomination can become invalid if your personal circumstances change (e.g. marriage, divorce or separation) or if your nominee dies before you.
A nomination is automatically revoked by your subsequent marriage, and you will have to complete a new nomination form if you would like to keep the old nominee you had in place.
Can I change my nomination?
Members can change their nomination as many times as necessary. It is recommended that members review their nomination regularly especially after significant changes to family circumstances.
A nomination can become invalid if your personal circumstances change (e.g. marriage, divorce or separation) or if your nominee dies before you.
A nomination is automatically revoked by your subsequent marriage, and you will have to complete a new nomination form if you would like to keep the old nominee you had in place before marriage.
You can change your nomination by visiting Newry Credit Union and completing a new nomination form with a member of staff.
What if my parents opened my account for me as a child?
If your parents opened a juvenile account for you as a child, no nomination form would have been completed at this stage. Once you turn 16, you will complete forms to join adult membership and a nomination form will be completed at this stage.
Is there a cost?
No, there is no cost for setting up or changing a nomination.
