The public has been urged by the Bank of Ghana (BoG) to carefully consider who their next of kin should be. They should make sure that the person they choose is not only of legal age but also able to provide pertinent information about the account holder when needed.
This comes after what the Central Bank refers to as a “widespread misconception that the account holder’s nominee as Next-of-Kin automatically inherits the account holder’s funds upon their passing.”
Bank of Ghana stated in a notice signed by Sandra Thompson, secretary of the BoG, that designated next of kin must adhere to certain legal procedures in order to obtain funds from the deceased’s account.
To access a deceased customer’s account, you may need to provide a death certificate, letters of administration, or letters of probate.
“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.
