Best Option for passing monies on my Death

kerry4sam

Just a general query at the moment as I'm going to try and arrange a meeting with a broker next week.

I'd like to have monies set aside for my Loved Ones after my passing, but I just ain't sure on the Best Way to go about this.

~ take out a Life Insurance Policy
Have heard numerous negative stories on monies not being paid out after the death that's made me question this

~ invest in shares in varying areas
Have no actual knowledge on where to begin here either, never mind who to invest in (I will be keeping an eye in the Investments forum as numerous thread in there from other newbies to the area)

~ just save with one Institution
Just not sure how difficult it will be for my Loved Ones to receive my savings on my passing, just want as less stress & worry as possible.

If anyone has anything they would like to share to aid my decision, Please Feel Free

As I said, I'd like to meet a broker next week but would still like some info before I do.

I will be mentioning my decision in my Will, once I actually decide.

Have I missed any other potential option?

Many Thanks,
kerry4sam

coylemj

To distribute an amount of up to €13,000 after your death in the quickest way possible, you can put that amount into a credit union and make a nomination under S.21 of the Credit Union Act 1997. On your death and without any reference to your will and before probate is granted to the executor of your estate, the CU is allowed to distribute the money to the people you've nominated. The total amount cannot exceed €13,000 and the nomination cannot be varied by a clause in your will.

Otherwise you just make a will and leave various bequests of cash and property as you see fit. You nominate someone to act as executor and they apply for probate. Once probate is granted, they can ask the bank(s) to hand over your cash and pay out the bequests.

Edit: the limit for a nomination under S.21 of the Credit Union Act 1997 is now €23,000. Thanks to poster Anyone for spotting that I was a few years out of date on this. See full clarification below.

kerry4sam

coylemj wrote: »

To distribute an amount of up to €13,000 after your death in the quickest way possible, you can put that amount into a credit union and make a nomination under S.21 of the Credit Union Act 1997. On your death and without any reference to your will and before probate is granted to the executor of your estate, the CU is allowed to distribute the money to the people you've nominated. The total amount cannot exceed €13,000 and the nomination cannot be varied by a clause in your will.

Otherwise you just make a will and leave various bequests of cash and property as you see fit. You nominate someone to act as executor and they apply for probate. Once probate is granted, they can ask the bank(s) to hand over your cash and pay out the bequests.

Many Thanks,

Everyday is a school-day on boards.ie

kerry4sam

Liam D Ferguson

kerry4sam wrote: »

~ take out a Life Insurance Policy
Have heard numerous negative stories on monies not being paid out after the death that's made me question this

Over the past 25 years working initially for a life insurance company and then as a Financial Broker, the only death claims that I've ever seen rejected were in situations where the applicant had withheld information at application stage or lied. If you tell the whole truth when completing an application form then you should have no worries about whether or not a claim will be paid.

Some life insurance policies exclude death by suicide in the first 12 - 18 months of the policy, but I'd imagine that wouldn't be relevant here. Other standard exclusions would include death as a result of failing to act on medical advice and participation in acts of war.

Anyone

coylemj wrote: »

To distribute an amount of up to €13,000 after your death in the quickest way possible, you can put that amount into a credit union and make a nomination under S.21 of the Credit Union Act 1997. On your death and without any reference to your will and before probate is granted to the executor of your estate, the CU is allowed to distribute the money to the people you've nominated. The total amount cannot exceed €13,000 and the nomination cannot be varied by a clause in your will.

Otherwise you just make a will and leave various bequests of cash and property as you see fit. You nominate someone to act as executor and they apply for probate. Once probate is granted, they can ask the bank(s) to hand over your cash and pay out the bequests.

Its actually €23,000 that's covered by Nomination forms.

coylemj

Anyone wrote: »

Its actually €23,000 that's covered by Nomination forms.

+1 It was £10,000 in the original Credit Union Act 1997, this was updated to €13,000 in the Euro Changeover (Amounts) Act 2001, an act which updated several pieces of legislation which mentioned specific amounts of money in punts.

The most recent update was to increase the limit to €23,000 by S.I. No. 546/2006 - Credit Union Act 1997 (Alteration of Financial Limits) Regulations 2006


I've appended a correction to my post above.

kerry4sam

^^^

Many Thanks for all your replies. I've actually been in contact with someone re:life insurance so just pondering over my options at the mo.

Thanks Again,
kerry4sam