Next of Kin Doesn’t Automatically Inherit Funds in a Deceased’s Account- BoG

The Bank of Ghana (BoG) has corrected misconceptions over the financial term “Next of Kin”, noting that designated persons do not automatically inherit available funds in an account when the holder dies.

Next of Kin is a crucial part of account opening in financial institutions, requiring the name, address, and telephone number of the person nominated.

Such a nominee will be contacted by the Bank when the account holder cannot be reached, however, this has been misconstrued by the public as the person who automatically inherits the content of the Bank when the deceased passes.

The Central Bank in a statement rendering insightful education on the term defined it as an account holder’s closest living relative who could be contacted in the event he is not reachable.

It added, “The person nominated as the Next of Kin does not automatically inherit or gain access to the account or the funds in the account of the deceased”

To inherit the account of a deceased customer, the Bank noted that one may be required to provide the death certificate, Letters of Administration or Letters of Probate.

It explained, “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.”

It therefore advised that a Next of Kin be chosen based on his or her capability in providing relevant information about the account holder when the need arises, adding that he or she must be of legal age.