UMB Bank has introduced a new financial product, Legacy Care Plus, aimed at making estate planning more accessible and structured for Ghanaians.
Described as the first solution of its kind in the Ghanaian market, Legacy Care Plus offers a legally backed framework that allows individuals to properly document and distribute their assets according to their wishes after death.
The product seeks to address the widespread problem of people dying intestate, a situation that often leads to family disputes and prolonged legal battles over inheritance.
Speaking at the launch, Edem Knight-Tay, Head of Corporate Banking at UMB Bank, explained that the service is open to all individuals aged 18 years and above, regardless of their financial status.
“You don’t have to be rich; all you need is to prove that you own a property. Whether you are in Accra, Paga, Aflao or Techiman, this service is for you,” Knight-Tay said.
“We know that people are dying intestate in this country. We’ve seen a lot of families suffer because their loved ones did not plan the distribution of their wealth after death. This product seeks to fill that gap,” she added.
The bank has made the Legacy Care Plus product easily accessible through multiple channels, including the UMB Bank website, the UMB SpeedApp mobile application, customer call centres, and its network of branches across the country.
Niine Inkumsah Sarpong, Head of Registrars and Wealth Management at UMB Bank, assured customers that the entire process will be handled with professional legal support.
“For UMB Legacy Care Plus, we will use our lawyers to help you through the process, offering all the legal advice you need,” Sarpong stated.
According to Sarpong, the requirements for setting up Legacy Care Plus are similar to preparing a standard will. Customers will need to provide personal information as the testator, proof of ownership of assets or properties, details of beneficiaries, and where necessary, information about trustees if the beneficiaries are minors. Witnesses will also be required.
He noted that while the process mirrors what is done in the courts, Legacy Care Plus has been designed to be more flexible and user-friendly for ordinary Ghanaians.
On data security, UMB Bank assured customers that stringent protocols have been put in place to protect personal and financial information, especially for those signing up through digital channels.
The introduction of Legacy Care Plus is expected to bring greater peace of mind to many Ghanaians by ensuring their final wishes regarding asset distribution are honoured professionally and securely.
