Next of Kin does not automatically inherit bank accounts – BoG

The Bank of Ghana (BoG) has urged the public to carefully select their next of kin, emphasizing the importance of choosing someone who is not only legally of age but also capable of providing essential information about the account holder when required.

This advisory comes in response to what the Central Bank describes as a widespread misconception that the person designated as the next of kin automatically inherits the account holder’s funds upon their death.

In a notice signed by BoG’s Secretary, Sandra Thompson, the Bank clarified that certain legal procedures must be followed by the named next of kin to access the funds in a deceased person’s account.

These procedures include the presentation of a death certificate, letters of administration, or letters of probate.

For individuals who die without a Will, administrators of their estate can be appointed through Letters of Administration (L.A.), issued by a court, granting access to the 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: Adomonline