Deceased Accounts

When a loved one passes away and those left behind are dealing with such grief and loss, it can be completely overwhelming to address anything to do with their death. For many they will not have experienced dealing with this situation first hand and they are unaware as to where or how to start the process. Your Credit Union is here to help and make the process as easy and unobtrusive as possible for you.

Firstly we would advise any next of kin to make contact with the Credit Union. Credit Unions generally have a dedicated person/ persons who are very sensitive to these situations and try and make the process as easy as possible for you.

You will need some of the following documents and information in order to start the ball rolling. These are as follows:

• Death Certificate for your loved one (generally available from your local Births, Marriage and Deaths Office in the your HSE area) or an interim death certificate (available from your local coroners office)
• Photo ID (passport or drivers licence) and Proof of Address (dated within the last 6 months) - for the Executor/Administrator/Nominee
• Details of the Solicitor where one has been appointed
• Copy of the Will (if any made) may be requested

Insurance
On receipt of the death certificate or interim death certificate the Credit Union staff member will apply for settlement of insurance on the deceased account. This is a combinations of:

• Life Savings Insurance - is a matching amount against the savings balance subject to a maximum of €1,000 and certain conditions.

Nominations

Value of funds in the account and whether a Nomination was filled out affects how funds are handled. A Nomination is a form the deceased will have filled out, outlining whom the funds should be paid to following their passing. Deceased accounts are dealt with as follows:

• In the event that the Deceased filled out a Nomination, (that covers any amount in their account up to maximum of €23,000) to the Nominee(s). Any monies held in the account above €23,000 requires Grant of Probate to enable payment to the Executor or Solicitor.
• In the event that the Deceased did not fill out a nomination and the balance in their account is €15,000 or less, the amount may be paid to the next of kin with Board of Directors approval and in line with Succession Law. Accounts that hold in excess of €15,000 requires Grant of Probate which in most cases is applied for with the help of your solicitor
• Copy of the will may be required to identify Executor and to allow access to deceased a/c information
• In the event that no known will exists, a family member needs to act as the Administrator for the deceased members estate and will most likely need to engage with a solicitor to help them through this process
• Joint accounts with balances of more than €50,000 (except where spouses/civil partnerships) require revenue IT8 form filled out before funds can be disbursed
• It is the beneficiaries responsibility to report inheritance to Revenue