The Bank of Ghana has issued a public notice to clarify the role of a Next-of-Kin in bank account operations, dispelling a common misconception that a Next-of-Kin automatically inherits the funds in a deceased person’s account.
In its statement, the Bank of Ghana emphasized that the term “Next-of-Kin” is often misunderstood.
While the Next-of-Kin is typically the closest living relative of the account holder and is listed as a contact person in case the account holder is unreachable, this designation does not grant the Next-of-Kin automatic access to or inheritance of the funds in the account upon the account holder’s death.
To inherit or gain access to a deceased customer’s account, the individual must either be named as a beneficiary in the deceased’s Will, with a court granting Letters of Probate to confirm this, or be appointed as an administrator of the estate through Letters of Administration if the deceased did not leave a Will.
The Bank of Ghana also advised customers to select a Next-of-Kin who is capable of providing relevant information about them when necessary, and preferably, one who is of legal age.
Additionally, the Central bank reminded the public that even if someone is named as a Next-of-Kin, they will still need to provide legal documents, such as a death certificate, Letters of Administration, or Letters of Probate, to access the account of a deceased customer.
Source: graphiconline
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