Next of kin will not automatically inherit your funds - BoG

Aug 28, 2024 - 14:52

Accra, Ghana - The Bank of Ghana (BoG) has issued a crucial advisory to the public, emphasizing the importance of carefully selecting a next of kin for bank accounts.

This comes amid concerns over a widespread misconception regarding the role of next of kin in inheriting funds from deceased account holders.

According to a notice signed by BoG Secretary, Sandra Thompson, the Central Bank seeks to clarify that merely designating someone as next of kin does not automatically grant them access to the account holder's funds in the event of their passing.

BoG stressed that the selected next of kin must be of legal age and capable of providing vital information about the account holder when necessary. However, even then, specific legal procedures must be followed to access the deceased's account.

The Bank outlined the necessary steps, including:

1. Obtaining a death certificate

2. Presenting letters of administration or letters of probate

Only upon fulfilling these requirements can the named next of kin access the deceased customer's 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.

Find the full BoG letter below.