The Bank of Ghana (BoG) has advised the public to carefully choose their next of kin, underlining the crucial role this person plays.
It’s not just about being of legal age and being able to provide pertinent information about the account holder when needed, but also about being a responsible and involved party in the account holder’s financial affairs.
The Central Bank has addressed a common misconception that the next of kin automatically inherits the account funds upon the account holder’s death.
According to BoG, specific legal procedures must be followed to access a deceased person’s account.
These include providing a death certificate and obtaining Letters of Administration or Probate. Understanding these procedures can help you be better prepared for any eventuality.
The BoG statement, signed by Secretary Sandra Thompson, clarified that access to a deceased person’s account requires the next of kin to be named in the will and that a court should issue Letters of Probate.
Administrators appointed through Letters of Administration can gain access for those who die intestate.
The Bank of Ghana stressed the importance of choosing a capable and legally aged next of kin. This is not just a formality, but a crucial step to ensure smooth access to account information and address any issues. It’s about your security and peace of mind.
