Small Payments on Death - Credit Unions - S23 CU Act 1997 - now €18,000 wef 23/02/2024

[WizardDr]

23.—(1) If a member of a credit union dies and, at his death, his property in the credit union (whether in savings, loans, insurance or otherwise)—
(a) does not in the whole exceed the maximum relevant for the purposes of this section, and
(b) is not the subject of a nomination under section 21,

the board of directors may, without letters of administration or probate of any will, distribute that property among such persons as appears to the board (on such evidence as they consider satisfactory) to be entitled by law to receive it.

(2) The maximum referred to in subsection (1) (a) is €18,000 or such greater amount as may be prescribed.

(This was €15,000 until 23/02/2024.)

 

[Pmc365]

So they can by-pass Probate. Is there not a provision where banks can do similarly for executors or intending administrators for expenses such as burial fees?

 

[WizardDr]

This one is in Credit Union Acts 1997-2023. I believe you are right but I am not clear as to whether it is statutory or practice.

This does not alter any CAT liability that might arise apart from deduction of funeral costs.