Nominating a beneficiary
A beneficiary is someone who will receive your savings, and any additional amount under our insurance, when you die.
Nominating a beneficiary
Your nominated beneficiary can be:
- A British citizen
- A registered charity or
- Any other UK organisation, other than Knowsley Mutual Credit Union Limited
If you wish to make a nomination that isn’t included above, we suggest that you nominate the executor of your will as your sole beneficiary and leave relevant instructions with them.
If the beneficiary you wish to nominate is an officer or employee of Knowsley Mutual Credit Union Limited then that person must be your; spouse, civil partner, parent, child, sibling, niece or nephew.
Changing your beneficiary
Should you wish to modify your nomination in any way, you can do so in person at any of our offices or by writing to us, detailing the changes. This must be signed and dated.
Limits to what you can leave a beneficiary?
The maximum that Knowsley Mutual Credit Union can transfer to your beneficiary or beneficiaries is £5000. This includes all shares and insurance.
For example, this means that if you have one named beneficiary, we can pay them a maximum of £5000.
If you have two beneficiaries, we can pay them a maximum of £2,500 each
Should you have in excess of £5000 to leave, the remainder will be made available to the administrator of your estate on production of the relevant documentation (such as Letter of Administration or Grant of Probate).
Further information on this subject can be found at https://www.gov.uk/wills-probate-inheritance
Getting married or entering into a civil partnership
Any nomination made prior to you getting married or forming a civil partnership will be revoked by that marriage or civil partnership.
Please note that should you marry or form a civil partnership with a person other than your nominated beneficiary and do not inform us, the Credit Union is not liable should disbursements be made to your nominated beneficiary and not your spouse/partner.
Therefore it is very important that once you have married or formed a civil partnership, you inform us and ensure your nominated beneficiary details accurately represent your wishes.
Once we have been informed that you have married or formed a civil partnership (and the relevant evidence is provided), we will automatically modify your beneficiary to be solely your spouse/partner, all previous nominations being rendered invalid.
I have a will. Do I need to worry about my nominated beneficiary?
A will cannot modify or revoke your nomination. Therefore we will make transfers in accordance with your nomination, despite your will.
What if I haven't made a nomination or my nominated beneficiary has passed away?
This depends on the value of your shares and insurance.
If you pass away without a leaving a valid, living nominated beneficiary and the total shares and insurance left is of a value equal to or less than £5000, we will consider sending the funds to those persons who have come before us should we have satisfactory evidence that they are entitled by law to receive it.
We do this to prevent needless stress and financial injury to your next of kin at a very difficult and expensive time.
If you pass away under the same circumstances but the account is of a total value in excess of £5000 we will require those wishing to claim the funds to produce either a letter of Administration or a Grant of Probate.
A valuation of the account will be made available to the person supplying the original death certificate. If you have a will, this person should be the executor of that will, their agent or legal representative.
Further information on probate and administration of estates can be found at https://www.gov.uk/wills-probate-inheritance