SAG Credit Union would encourage all members to complete a Death Nomination Form. This form allows you to nominate a person(s) or group on the event of your death to receive your savings and death benefit (if eligible). This form is available at the Loans Department and must be completed in the presence of a credit union employee, director or volunteer, as it must be legally witnessed to be valid. On this form, you will be asked to name the person, persons or charitable group you wish to receive your shares or portion of your shares in the event of your death. SAG Credit Union can disburse amounts up to £20,000 to the person(s) or group nominated upon request. (Probate must be extracted on amounts over £20,000.)
By completing this nomination, you can be assured that the person(s) or group you intended to receive your shares will receive them without red tape or delay. You must update your nomination if you marry, divorce or if the person nominated dies before you. In addition, a properly completed Form of Nomination takes precedence over a will. As you go through the course of your life and update your will, make sure you update your nomination too! You may change your nomination as often as you like and you may name more than one person or group as your nominee