Shares, credit union account and the Estate

Hi,

My mother recently passed away and left a will in which I have been named as sole executor. At present I am gathering together details of the estate for the purposes of the Revenue Affidavidat before proceeding to probate. The will is simple with the estate to be divided equally between myself and my two sisters. I do not expect the total value of the estate to be of a magnitude which will trigger Capital Acquisition Tax.

There is a credit union account in my mother's name with a nominee in the event of death (i.e. me). Secondly there is a building society account where myself and one sister are named nominees. In addition there are shares which she paid for but are in the names of my sisters and, finally, another set of shares in my name.

Do these items form part of the estate or, especially in the case of the shares, can I simply give the share certs to the named "owners" for them to dispose of?

If these items are given to the nominees/named owners would I simply need to declare them as gifts on the Revenue Affidavidat?

Personally I would have no objection to this, but obviously there is the question as to the opinion of the Revenue.

Thanks,

EE.

I don't know about your main question, but most credit unions have a scheme whereby the savings of the person are doubled in the event of death. This may only apply to some credit unions and there may be an age limit.

For example:

LIFE SAVINGS INSURANCE

St Dominic Credit Union provides Life Insurance cover on the savings of all eligible members. The maximum benefit is €20,000.00 and the scale of cover is as follows:-

• Savings made before 55th birthday 100% cover
• Savings made between 55th and 60th birthday 75% cover
• Savings made between 60th and 65th birthday 50% cover
• Savings made between 65th and 70th birthday 25% cover

Any savings lodged after 70th birthday has no insurance cover, but savings lodged before 70th birthday will carry the above cover percentages, provided that savings are not withdrawn. The insurance claim is processed after the death of the member. The insurance company providing this valuable service is owned by the Credit Union Movement in Ireland.
For eligibility and full terms and conditions contact our credit union.