Next-of-Kin does not automatically inherit bank accounts – BoG provides clarity

The Bank of Ghana has provided clarity on what it describes as a pervasive misconception regarding the powers or choice of Next-of-Kin when it comes to accessing bank accounts of deceased customers.

According to the apex bank, the public must be circumspect when considering their choice of Next-of-Kin, adding that whoever is selected must be capable of providing relevant information about the account holder when necessary.

In a notice issued by the BoG, it described 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.”

Additionally, the Bank explained that specific legal procedures must be followed by the named next of kin before they can access funds in the account of the deceased customer.

The Bank of Ghana also said that necessary documentation including death certificate, letters of administration or letters of probate must be made available by the next of kin before they can gain access to a deceased relative’s bank 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,” the BoG clarified.

“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,” it added.

“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,” the Bank of Ghana pointed.

MA/AE

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