Plan Ahead

1. Keep Your Nomination Up-to-date!

Credit union members aged 16 or over can nominate someone to inherit the funds in their accounts after their passing. This ensures a smoother process, especially if no will exists, by bypassing lengthy legal procedures.

You can nominate a person (or people) to receive your funds, up to a maximum of €27,000, with any amount above this becoming part of your estate. Nominations can be updated at any time and must be signed in the presence of two witnesses. If your nominee passes away before you, the nomination becomes invalid, so it’s important to update it if your circumstances change (e.g., marriage or separation).

Our team is here to assist you with completing and witnessing the nomination form-just drop into the office.
*The limit increased to €27,000 as of 22 February 2024. Terms and conditions apply.

See more at: https://www.creditunion.ie/what-we-offer/savings/nomination-of-your-account/

2. The Role of an Enduring Power of Attorney

An Enduring Power of Attorney (EPA) allows you to appoint someone you trust to act on your behalf if you are unable to make decisions yourself. This trusted individual-often a family member or close friend-can be authorised to handle personal welfare matters or property and financial decisions. You have the flexibility to outline the scope of their authority, whether that includes managing all your affairs or handling specific tasks.

Setting up an EPA involves two key steps:

1. Choosing Your Attorney
Select a person (or people) you trust to act in your best interests. Register the EPA with the DSS while you still have capacity, ensuring your wishes are clear and legally recognised.

2. Activation of the EPA
If you lose the capacity to make decisions, your attorney can notify the DSS to activate the EPA. This ensures your affairs are managed seamlessly, respecting the instructions you provided.

The good news is that you don’t need a solicitor to set up an EPA. The DSS offers a straightforward, accessible process to establish this arrangement.

3. Preventing Financial Abuse

Financial abuse is a serious concern, particularly for those who may be vulnerable due to capacity challenges. Abuse can range from theft and fraud to undue pressure to change a will or misuse of a power of attorney. Examples include:

Forging signatures or opening accounts without consent.
Coercing someone to withdraw funds or make decisions against their will.
Exploiting trust to misappropriate money or property.

The credit union plays a vital role in protecting members from financial abuse. Staff are trained to recognise red flags and handle concerns with care and discretion. If a member expresses concerns, the credit union can:

Arrange private consultations to discuss issues.
Assist in cancelling unauthorised transactions.
Contact trusted parties, such as solicitors or safeguarding offices, with the member's permission.

4. Decision Support Services

The Decision Support Service (DSS), established under the Assisted Decision-Making (Capacity) Act 2015, provides a robust framework to ensure your personal, financial, and welfare decisions are managed according to your wishes if you face challenges with decision-making in the future.

Three Types of Decision Support Service (DSS) Arrangements

The Decision Support Service (DSS) provides three types of arrangements to assist individuals who currently, or may soon, face challenges in making decisions. The level of support depends on individual needs:

1. Decision-Making Assistance Agreement

Enables you to appoint someone you trust to act as your decision-making assistant.

How It Works: The assistant helps you access information, understand, and express decisions about personal welfare, property, or finances. However, the final responsibility for decision-making remains with you.

Requirements: The agreement must clearly state your understanding of it and may be time-limited or ongoing. You can appoint more than one assistant, and the agreement must meet legal standards.

Supervision: The Director of the DSS oversees the assistant's role, ensuring compliance. Registering the agreement with the DSS provides a certified copy, which the assistant can use to demonstrate their legal authority.

2. Co-Decision-Making Agreement

You can work with a trusted family member or friend to jointly make decisions under a formal co-decision-making agreement.

How It Works: Responsibility for decision-making is shared equally between you and the co-decision-maker.

Requirements: The agreement must be written, signed by both parties, and witnessed by two people. It must include details of the joint decision-making scope and be registered with the DSS.

Supervision: The co-decision-maker's role is monitored by the Director of the DSS to ensure adherence to the arrangement.

3. Decision-Making Representation Order

When an individual cannot make decisions, even with assistance, the Circuit Court may appoint a decision-making representative to act on their behalf.

How It Works: The representative makes decisions in the individual’s best interest, considering their will and preferences where possible.

Requirements: The representative's authority is limited to specific decisions, as outlined in the court order. The court keeps the arrangement under review and may appoint multiple representatives, specifying whether decisions must be made jointly or individually.

If you or a family member might benefit from one of these arrangements, the Decision Support Service offers guidance and additional resources. For more information, visit: www.decisionsupportservice.ie

Take the first step today and secure peace of mind for your future!