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All members are encouraged to complete a Nomination of Beneficiary form. This allows a member to specify the person or persons to whom they wish their property in the credit union to be transferred in the event of their death. It is important that all sections of the Nomination of Beneficiary form are fully completed. The present legal limit which may be nominated is £20,000. The following points should be noted:
1. A nomination takes precedence over a will
2. A nomination will be revoked if the member completes a subsequent valid
nomination of Beneficiary form
3. A nomination will be revoked by the marriage of the member
4. A nomination will be revoked by the death of the nominated beneficiary
Where any of the above events (point 3 and 4) occur, and the nomination is revoked, members are encouraged to complete a new Nomination of Beneficiary form and submit it to the credit union.
Where no Nomination of Beneficiary form has been completed all monies must go to the estate of the deceased.
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