The Bank of Ghana (BoG) has issued a notice advising the public to carefully consider their choice of next of kin, emphasizing the importance of selecting someone who is not only of legal age but also capable of providing necessary information about the account holder when required.
This advisory comes in response to a common misconception that the individual nominated as next of kin automatically inherits the funds in the account upon the account holder’s death. The Central Bank clarified that specific legal procedures must be followed by the named next of kin to access the funds.
In a statement signed by BoG Secretary Sandra Thompson, the bank outlined the requirements, including providing a death certificate, letters of administration, or letters of probate, to gain access to a deceased customer’s account.
“To inherit or gain access to the account of a deceased customer, one must be named in the deceased’s Will as a beneficiary. A court of competent jurisdiction must then grant Letters of Probate to empower the named beneficiary to access the account,” the statement explained.
In cases where a person dies without a Will, administrators of the estate can be appointed through Letters of Administration (L.A.) issued by a court, which then grants access to the deceased’s account.
The BoG stressed the importance of choosing a next of kin who can provide relevant information about the account holder when needed, urging that next of kin should, whenever possible, be of legal age.
