The public has been advised by the Bank of Ghana (BoG) to carefully choose their next of kin, stressing the significance of selecting someone who is not only of legal age but also able to provide crucial details about the account holder when needed.
This advice is in reaction to a common misperception, according to the Central Bank, that the account holder’s selected next of kin will automatically inherit their money upon their passing.
The Bank underlined that specific legal procedures must be performed by the designated next of kin in order for them to access the funds in a deceased person’s account in a note that was signed by Sandra Thompson, Secretary of BoG.
The presentation of a death certificate, letters of administration, or letters of probate are some examples of these procedures.
When a person passes away without a will, a court may issue Letters of Administration (L.A.), which allow access to the deceased customer’s account and appoint administrators of their estate.
The statement clarifies:
“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,”
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