Deceased Members
Death of a Member
Following the death of a Credit Union Member, The family Member should contact the Office on 028 87723729 where they will be helped and supported through all the stages of closing the account.
The Next of Kin Nominee will be contacted by the Credit Union (The person the Deceased Member assigned to look after their account following their death.)
See details on Death Benefit Insurance (here) which may apply to Deceased Member
Next of Kin Nomination
This is your opportunity, as a member of DCU, to designate the person(s) you wish to receive up to the first £20,000 of your Credit Union shares (including any insurance payable, if applicable) in the event of your death. Amounts over £20,000 will be included in the member’s estate for disbursal according to the terms of the will or, if there is no will, the rules of intestacy. Probate (see below) must be extracted on amounts over £20,000. You must update your nomination if you marry, divorce, or in the event of the death of the beneficiary.
Nomination takes precedence over a will.
Wills
Anyone aged 18 or older (or younger if married) and who has assets, should make a will. DIY kits for writing wills are widely available, or you can use a solicitor to assist you in writing your will. Solicitors will charge a fee for their advice and service. If you do not make a will the Rules of Intestacy (which set out the order in which assets are to be distributed as determined by law) will be used to distribute your property and possessions.
Probate and Letters of Administration
Probate is a judicial certificate naming the executor(s) who will administer the estate. If there is no will, Letters of Administration are obtained which name the personal representative of the estate who will administer it.
When a Credit Union member dies, what happens to their shares and loan balance?
When a member of DCU dies, the next of kin should notify our offices to arrange a convenient time to bring in the deceased’s passbook and death certificate. Our staff member will review the deceased’s account and inform you if there is a valid Nomination. If there is a valid nomination, we can discuss the deceased’s account and any insurance benefit due with the nominee only.
If there is no valid nomination, then we can take guidance from the next of kin. Payment of any insurance claim is at the discretion of ECCU, our insurance company. Each situation is different and some can be quite complicated. Regardless of what your particular situation is, our staff are trained to assist you throughout the process.
The three most usual scenarios are:
No valid Nomination and no valid Will:
The estate will be disbursed as per the Rules of Intestacy (or after the Letters of Administration have been obtained if the amount is greater than £20,000).
There is no valid Nomination but there is a valid will:
The deceased’s shares will become part of the estate to be disbursed as per the Will (or after probate has been extracted if the amount is greater than £20,000).
There is a valid Nomination:
DCU will disburse the shares and insurance due, if applicable as per the Nomination. (Amounts over £20,000 revert to the estate for disbursal after probate has been extracted) A valid
Nomination takes precedence over a will.
