Bereavement Guide
We are here to help during this difficult period.
Deceased Accounts
When a loved one passes away and those left behind are dealing with such grief and loss, it can be completely overwhelming to address anything to do with their death.
For many, they will not have experienced dealing with this situation first hand, and they are unaware as to where or how to start the process. Limerick & District Credit Union is here to help and make the process as easy as possible for you.
Firstly, we would advise any next of kin to contact the Credit Union. We have employees who are very sensitive to these situations and try and make the process as easy as possible for you.
You will need some of the listed documents and information below to commence the process:
Nominations
A Nomination is a form the deceased member would have completed, outlining to whom the funds should be paid following their passing. The value of funds in the account and whether a Nomination was completed affects how funds are handled.
Deceased accounts are dealt with as follows:
- In the event that the Deceased completed a Nomination:
That will cover any amount in the account up to maximum of €27,000 that will be paid to the Nominee(s). Any monies held in the account above €27,000 will require a Grant of Probate to enable payment to the Executor or to the Estate of the deceased through a Solicitor.
- In the event that the Deceased did not complete a nomination and the balance in their account is €18,000 or less, the amount may be paid to the next of kin in line with Succession Law. Accounts that hold in excess of €18,000 will require a Grant of Probate which in most cases is applied for with the help of your solicitor.
- Copy of the Will may be required to identify Executor and to allow access to deceased account information.
- In the event that no known Will exists, a family member needs to act as the Administrator for the deceased members estate and will most likely need to engage with a solicitor to help them through this process.
- It is the beneficiary’s responsibility to report inheritance to Revenue.
It is essential that there is an up-to-date nomination on the account.
You can update your nomination at any time and as often as you like. You must call in to a Limerick & District Credit Union branch, and a member of staff will assist you to complete a nomination form.
Life Savings Cover
Life Savings Insurance is the life insurance cover we take out for all eligible members as an additional incentive to save regularly and maintain savings with the Credit Union. The amount paid out in the event of a member’s death will depend on their age and how much they have saved with us over the years. There is no additional direct cost to you, the member.
It is subject to a maximum currently set by Limerick & District Credit Union at €1,000 (date of death)
Every €1 you save before the age of 55 provides €1 of benefit, up to the value of €1000. So, if you are 54 years of age with €1,000 saved in your credit union shares account, an insurance benefit of €1,000 in addition to your savings will be paid out on your death.
The following table outlines the maximum value of insurance that will be paid on death assuming that there is €1,000 in the account at date of death.
| Age at Death | Insurance Payable |
|---|---|
| Up to age 55 | 100% of €1,000 (€1,000) |
| 55 to under 60 | 75% of €1,000 (€750) |
| 60 to under 65 | 50% of €1,000 (€500) |
| 65 to under 70 | 25% of €1,000 (€250) |
No insurance is payable on amounts saved after your 70th Birthday or if you have joined as a member after the age of 70 Years. Once earned, your insurance remains in force as long as you leave the savings in the Credit Union.
IMPORTANT: Withdrawals may affect the amount payable.
