bereavement process
Find information below on taking care of finances during a bereavement.
bereavement PROCESS
Notify Us
Notify Us
How to Notify us
We understand that coping with loss is one of the most difficult times you’ll face in your life. When a family member, friend, or someone close to you passes away, it’s naturally an upsetting time. You may also be faced with having to sort out their financial affairs, and we will do our best to help you through this process.
There are many ways you can contact us, but the important thing to remember is to do it in your own time;
- Over the Phone – (01) 851 3400
- By E-mail – info@mfcu.ie
- Visit us in branch – Branch Opening Hours
When you contact us, we will ask a few simple questions to assist us in processing the account. Once you have informed us and provided the necessary documents, we do the rest for you.
If a Solicitor is managing the estate and you would prefer for us to deal with them directly, please provide them with our details and we will communicate directly with them.
Documents Required
Documents Required
What you need to provide
To start, we will need a copy of the Death Certificate or the Coroners Certificate.
There may be a requirement for a copy of a Will, but you will be advised of that by your appointed person.
Wait for Response
Wait for Response
What happens once the Credit Union has been notified?
After you get in touch with us, we will begin to search our systems for any accounts in the person’s name or any joint account in their name.
Once found, we will start the process of claiming any Death Benefit Insurance, Loan Protection or Life Savings Insurance that may be due. Details of the various insurances we offer are available on our website at the link below.
We also review the account(s) for any nomination that may be in place.
Speak to our Team
Speak to our Team
How long does the process take?
Once you have provided us with the required documents, the process can take up to 5 weeks to claim all the insurance that may be due.
On receipt of any insurance amounts received, the appointed staff member will be in touch with the nominee, executor of the will or the appointed Solicitor to arrange the closure.
Funeral Costs
Funeral Costs
What if I need to access to the funds to pay for funeral costs?
Not to worry, if the funds in the account are not being held against a loan, we can release the funeral funds on receipt of a copy of the funeral director’s invoice and a copy of the death (if it has not already been provided).
Once received, the funds will be paid direct to the funeral home either by cheque or EFT.
Account Closure
Account Closure
What happens when the account is ready to close?
Once the account is ready to close, we will contact the nominee and advise that the funds are ready to collect up to a maximum of €23,000.
The nominee may then call into any MFCU branch at a time most suited and there is no prior appointment required. Please ensure you bring Photo Identification (Passport of Driver’s Licence preferred) when coming into the branch.
If there is no nominee noted on the account, we will contact the Executor of the Will/Probate to arrange the closure.
BEREAVEMENT SUPPORT SERVICES
irish Association of Counselling & Pschotherapy
AWARE Support Line
Samaritans
FAQ
Can direct debits or standing orders continue to be paid from a deceased’s sole account?
No, once an account has been reported as deceased, the account(s) is frozen, and no further transactions are permitted on the account.
What is a nomination?
A nomination is when an account holder selects (nominates) a person who will receive the funds in their account when they pass away, up to a max of €23,000.
What is a Will?
A valid will is a legal document detailing how a person wishes their estate to be distributed upon their death. It specifies the person or people they want to carry out the wills instructions.
What if there is no Nomination or Will??
When there is no Will, then a person has died “intestate” and has not left any instruction on how their affairs are handled. When this happens “Letters of Administration” are issued by the Probate Office of the High Court and this appoints an administrator to the deceases persons estate. The deceased persons assets are then dealt with by this person appointed.
What if there is more than one person nominated?
If more than one person is nominated, i.e. 2 or 3 people, then those nominated need to come into the branch together in order to collect the funds.
What if a nominee or Executor of a Will /Probate lives abroad?
If a nominee or Executor resides outside of Ireland, and cannot present themselves in branch, they will need to make contact directly with the Credit Union to inform us. We will then make alternative arrangements for the collection of funds.
What if the balance in the account is more than €23,000?
Once a nominated amount of €23,000 has been collected, any remaining funds will form part of the deceased’s estate. If the remaining balance is €15,000 or less, the funds can be paid out to the executor(s) of the Will. If the remaining balance is more than €15,000, a Probate order is required.
What happens to the account once you’ve been notified, can it still be used?
No, once an account is reported as deceased, no further transactions can occur on the account. All direct debits, card payments and incoming standing orders should be cancelled.
What happens to Joint Accounts?
Any funds on a joint account is paid to the second named on the account up to max of €50,000. Any amounts above this may be subject to an Original Letter of Consent from Revenue Commissioners (IT8 Form) before we can close the account.
What happens to a loan that is on the account?
Most loans are covered by the credit unions Loan Protection policy we have in place for our members. However, each loan is subject to Terms and Conditions and my not be covered in full by the policy.
Where can I get a death certificate?
A death can be registered in the office of any Registrar of Births, Marriages and Death, irrespective of where the death occurs. The staff of the hospital (if the death occurred in a hospital) or of your local health centre, will be able to tell you where you can register the death. You are usually able to get a Death Certificate at the time you register the death.
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