Are Your Wishes Up To Date?

Is Your Credit Union Nomination Up to Date?

Life changes. Relationships change. Families change. But have you checked whether your credit union nomination has kept pace?

A nomination is an important benefit available to credit union members. It allows you to nominate a person, or persons, to receive property in your credit union in the event of your death, subject to the statutory limit of €27,000.

Because nominations are often made many years ago, it is important to review yours from time to time and make sure it still reflects your wishes.

When did you last check your nomination?

There are certain life events when reviewing your nomination becomes particularly important.

If you have separated or divorced

Separation or divorce does not automatically revoke an existing nomination.

This means that if you nominated a spouse or partner and your relationship subsequently ended, you should review your nomination to make sure it still reflects your wishes. If you do not create a new nomination following a separation or divorce, the existing valid nomination will remain in place. We strongly recommend reviewing nominations where personal circumstances change, including divorce or separation. After a significant life event like this, you can make a new nomination to ensure it reflects your current wishes.

If you have married

Marriage is different.

If you marry after making a nomination, your previous nomination is automatically revoked.

This is specifically provided for under section 21 of the Credit Union Act 1997.

If you have married since making your nomination, we strongly recommend that you consider completing a new nomination.

What about my will?

This is another important distinction.

Making or changing a will does not change or revoke your credit union nomination.

A credit union nomination operates separately from your will. The Credit Union Act provides that a nomination cannot be revoked or varied by your will or a codicil to your will.

So, if you've recently made or updated your will, it is a good opportunity to review your credit union nomination too.

What if my nominee has passed away?

If the person you nominated dies before you, the nomination is automatically revoked. You should therefore complete a new nomination.

Who can I nominate?

Your nominee does not necessarily have to be your next of kin - you can choose who you wish to nominate. You may also nominate more than one person and divide the nominated property between them.

Members must be aged 16 or over to make a nomination.

Is there a limit on a nomination?

Yes. The current statutory maximum that can pass through a credit union nomination in the Republic of Ireland is €27,000. Property above the applicable nomination limit forms part of the deceased member's estate.

How can I check my Altura nomination?

Your nomination is personal and confidential.

If you would like to check your existing nomination, make a nomination or change one (by making a new one), you will need to visit one of our branches in person. Due to the importance of this process, we must do this on a face-to-face basis. If you have difficulty getting into a branch, please call us on 0818 345 925, and one of our Member Services Officers will speak with you.

Information about an existing nomination can only be accessed by the member who made the nomination. We cannot provide details of your nomination to a spouse, partner, family member or any other person.

If you complete a new nomination, it revokes and replaces your previous nomination. Where a valid nomination is in place at the time of a member's death, the most recent valid nomination applies. Any member making a nomination must do so of their own free will and in the presence of witnesses from Altura Credit Union.

A small check that can make an important difference

You don't need to wait for a major life event to review your nomination.

It may simply be worth asking yourself:

If something happened to me tomorrow, does my credit union nomination still reflect my wishes?

If you've married, separated or divorced, if your nominee has passed away, if you have changed your will, or if it's simply been a long time since you thought about your nomination, now is a good time to review it.

To check, make or update your Altura Credit Union nomination, visit your local Altura Credit Union branch and speak with a member of our team.