Thursday, 14 November 2019

Ceisteanna (48)

Brendan Griffin

Ceist:

48. Deputy Brendan Griffin asked the Minister for Finance his views on a matter (details supplied) regarding probate and credit unions; and if he will make a statement on the matter. [47006/19]

Amharc ar fhreagra

Freagraí scríofa (Ceist ar Finance)

Firstly, it would not be appropriate for me make comment on a specific case. It is also important to note that the Probate Office of the High Court deals with matters relating to probate and as such is the responsibility of the Minister for Justice and Equality.

However, the Deputy may wish to note that under section 21 of the Credit Union Act 1997 (1997 Act) as amended, a credit union member may nominate a third party (e.g. a family member) to be the recipient upon the death of the member to the whole or part of the member’s property that they have in the credit union at the time of their death. 

The 1997 Act (as amended) imposes a statutory limit of €23,000 on the amount that can be passed by way of a nomination. Thus, if at the date of the nominator's death the amount of the member’s property in the credit union exceeds €23,000, the credit union may only dispose any property up to the value of €23,000. The effect of these provisions are that any nomination up to €23,000 will pass outside the terms of any will. Any sum in excess of this will revert to and be an asset of the estate, which needs to be distributed under the terms of the will or the rules of succession where there is no will.

Ordinarily the production of a grant of probate would be required to release funds from a bank account to the personal representative, irrespective of the amount. However, if a person dies leaving small amounts of money in a bank, the bank may agree to release the funds without the necessity for a grant of probate.

While most applicants instruct a solicitor to process their application for a grant of probate, personal applications can also be made to the Probate Office of the High Court for a grant of probate.

The Deputy may also wish to note that if an individual is not satisfied in any of their dealings with a financial services provider the individual may make a complaint to the provider’s internal complaint resolution process. If they are not satisfied with the outcome of the complaint, they can then make a complaint to the independent Financial Services and Pensions Ombudsman. Investigations by the Ombudsman are free of charge to the complainant. Further information on the Financial Services and Pensions Ombudsman can be found at www.fspo.ie.