The Bank of Ghana (BoG) has urged the public to be mindful when choosing their next of kin, emphasizing the importance of selecting someone who is both legally of age and capable of providing essential information about the account holder if required.
This advice comes in response to what the Central Bank identifies as a widespread misconception that the next of kin automatically inherits the account holder’s funds upon their passing.
The Bank of Ghana, in a notice signed by its Secretary, Sandra Thompson, explained that next of kin must adhere to specific legal procedures to access funds in a deceased person’s account.
These steps involve presenting a death certificate, letters of administration, or probate documents to gain access to the 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.
“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.
Read Full Statement below: