Next of Kin does not automatically inherit bank accounts – BoG

The Bank of Ghana (BoG) has advised the public to carefully consider their choice of next of kin, stressing that they select someone who is not only of legal age but also capable of providing relevant information about the account holder when necessary.

This follows what the Central Bank describes as a “pervasive misconception that the person nominated as Next-of-Kin by the account holder automatically inherits the funds in the account when the account holder passes on”.

In a notice signed by the secretary of BoG, Sandra Thompson, Bank of Ghana explained that specific legal procedures must be followed by named next of kin to access funds in the account of the deceased.

This includes providing a death certificate, letters of administration or letters of probate to be able to access a deceased customer’s account.

“To inherit or have access to the account of a deceased customer, one will have to be named in the deceased customer’s Will as a beneficiary of the account, and a court of competent jurisdiction will have to grant Letters of Probate to empower the person who has been named in the Will as a beneficiary, to obtain access to the deceased customer’s account.

“Administrators of the estate of a person who dies intestate can be appointed through Letters of Administration (L.A.) issued by a court of competent jurisdiction, which grants access to a deceased customer’s account.

“Based on this understanding, it is important to choose a Next of Kin who is capable of providing relevant information about you, when the need arises. As much as possible we encourage the choice of Next-of-Kins to be of legal age,” part of the statement read.

Source:citinewsroom.com