Nominations - now increased to €27,000 - S21 CU Act 1997 - wef 22/02/2024.

[WizardDr]

The Department of Finance issued an Order increasing the amount that can be nominated by a Member of a Credit Union to a number of people selected by the Member on Member's death to €27,000. Any remainder is part of the estate.

This is outside of the Will and can only be changed if member marries or changes the nomination. Will cannot change this.

It is not outside Capital Acquisitions Tax.

If somebody has signed a nomination form with no amount then the €27,000 limit applies if somebody has put limit (say €23,000) then that applies.

Section 21 Credit Union Act 1997.

 

[star32]

The Department of Finance issued an Order increasing the amount that can be nominated by a Member of a Credit Union to a number of people selected by the Member on Member's death to €27,000. Any remainder is part of the estate.

This is outside of the Will and can only be changed if member marries or changes the nomination. Will cannot change this.

It is not outside Capital Acquisitions Tax.

If somebody has signed a nomination form with no amount then the €27,000 limit applies if somebody has put limit (say €23,000) then that applies.

Section 21 Credit Union Act 1997.

I find this very helpful WizardDr. Regarding the last paragraph about limits and no amounts on nomination form. Would you have a link to this? Or could you direct me to were I could get further clarification on this please.