Bereavement Guide

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. Heritage Credit Union is here to help and make the process as easy as possible for you.

Deceased Accounts

Firstly, we would advise any next of kin to contact the Credit Union. We try and make the process as easy as possible for you.

Nominations

A Nomination is a form the deceased will have filled out, outlining whom the funds should be paid to following their passing.

Insurance

This is a combination of Death Benefit Insurance and Life Savings Insurance.

Deceased Accounts

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.

  • Death Certificate for your loved one (generally available from your local Births, Marriage and Deaths Office in your HSE area) or an interim death certificate (available from your local coroner’s office).
  • Photo ID (passport or driver’s licence) and Proof of Address (dated within the last 6 months) - for the Executor/Administrator/Nominee.
  • Details of the Solicitor where one has been appointed.
  • Copy of the Will (if any made) may be requested.

Nominations

Value of funds in the account and whether a Nomination was filled out affects how funds are handled. A Nomination is a form the deceased will have filled out, outlining whom the funds should be paid to following their passing. Deceased accounts are dealt with as follows:

  • In the event that the Deceased filled out a Nomination, (that covers any amount in their account up to maximum of €27,000) to the Nominee(s). Any monies held in the account above €27,000 requires Grant of Probate to enable payment to the Executor or Solicitor.
  • In the event that the Deceased did not fill out 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 requires 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 a/c 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.

Insurance

On receipt of the death certificate or interim death certificate the Credit Union staff member will apply for settlement of insurance on the deceased account. This is a combination of:

  • Death Benefit Insurance -this is a once off payment of €1000 towards funeral expenses. To be eligible, a member must join before their 70th Birthday in good health and have a minimum balance of €500 in their share account on date of death.
  • Life Savings Insurance –this is available on Share accounts, to eligible members who have joined the Credit Union in good health, before the age of 70.

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 set by Heritage Credit Union at €3000. Every €1 you save before the age of 55 provides €1 of benefit. So, if you are 54 years of age with €3000 saved in your credit union shares account, an insurance benefit of €3000 in addition to your savings will be paid out on your death.

No insurance is payable on amounts saved after your 70th Birthday. Once earned, your insurance remains in force as long as you leave the savings in the Credit Union. Withdrawals may affect the amount payable.

100% Cover

100% Cover

Funds lodged up to 55th birthday
.

75% Cover

75% Cover

Funds lodged between 55th and 59th birthday

50% Cover

50% Cover

Funds lodged between 60th and 64th birthday

25% Cover

25% Cover

Funds lodged between 65th and 70th birthday

It is essential that there is an up-to-date nomination on the account.

You can download a sample form below but if you need to update your nomination you must call in to a Heritage Credit Union branch and the staff will assist you.

Nomination Form