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Financial Support in Ireland Part 3

Another source of income when a bereavement occurs is the resources of the deceased.
  1. A Prepaid Funeral plan
  2. Their Bank Account - If money in the bank/building society is in the deceased's name only, then you usually cannot get access to it until a probate is taken out but if it is a joint account you may be able to access funds.
  3. A Post Office Account  - If the deceased had left instructions on a 'nomination form', the proceeds of the savings deposit account will be distributed according to those instructions. There are tax implications if the amount is more than 6,348.69 euro. If the investor had made a will, the proceeds will be distributed in accordance with the will. All you have to do is get a claim form from any post office and send it with the following: a death certificate, a Post Office deposit book and the original will or certified copy of the will.
  4. Credit union accounts - If the deceased had a credit union account and had completed a valid Nomination Form, when opening the account, nominating someone as next of kin, the proceeds of the account up to a maximum of €23,000 go to the person or persons nominated on the form. They do not form part of the deceased's estate. The balance of the account forms part of the deceased's estate.
  5. Life assurance - If an insurance policy names you as the beneficiary, then you may claim it directly from the insurance company. You need a death certificate. If there is no named beneficiary, then the proceeds form part of the overall estate of the deceased and are distributed with the other assets. Find out about different types of insurance here.
  6. Occupational and personal pensions. Find out more information about pensions here.
For Further information click here

Jennifer Muldowney
Jennifer Muldowney