Find information below on taking care of finances during a bereavement.
BEREAVEMENT SUPPORT SERVICES
irish Association of Counselling & Pschotherapy
AWARE Support Line
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.