BoG outlines steps one must follow for Next-of-Kin to inherit bank account

The Bank of Ghana (BoG) has outlined key steps for a Next-of-Kin to follow in order to inherit a deceased person's bank account.

In a notice, according to citinewsroom.com, signed by the Secretary of BoG, Sandra Thompson, the Bank of Ghana explained that the named Next-of-Kin must follow specific legal procedures to access funds in the deceased's account, ruling out that Next-of-Kin inheritance of bank account is automatic.

Additionally, it said that the person must be capable of providing relevant information about the account holder when necessary.

The notice addresses the "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."

To inherit or access the account of a deceased customer, one must be named in the deceased customer’s will as a beneficiary of the account.

A court of competent jurisdiction must grant Letters of Probate to empower the person 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 the 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 kin to be of legal age," part of the statement read.

NAY/AE

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