Credit Union nominations and provision for small payments on death
The Probate, Administration & Trusts Committee wants to make members aware of the recent changes on the increase in Statutory Limits.
Section 21 nominations
As practitioners are aware, section 21 of the Credit Union Act 1997 (as amended) allows a member of a credit union to nominate up to €23,000, which nominated sum will fall outside the terms of the will or intestacy of the member.
This nomination is revoked by the subsequent marriage, but not the subsequent will, of the member. SI 59 of 2024 increased the sum that a credit union member could nominate under section 21 of the Credit Union Act 1997 (as amended) from €23,000 to €27,000, with effect from 22 February 2024.
Section 23: provision for small payments on death
Section 23 of the Act (as amended) allows the directors of a credit union to distribute the property of a member to those entitled by law without the necessity of a grant of representation up to €15,000. SI 60 of 2024 increased the amount that the directors of a credit union could pay out without production of a grant of representation under section 23 of the Credit Union Act 1997 (as amended) from €15,000 to €18,000, also with effect from 22 February 2024.
Contact us
For more information, visit the Probate, Administration and Trusts Committee page or contact the Committee Secretary Padraic Courtney.
