The Bank of Ghana (BoG) has issued a reminder to 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 what the Central Bank describes as a “widespread misconception” that the person named as next of kin automatically inherits the funds in an account upon the account holder’s death.
In a notice signed by BoG Secretary Sandra Thompson, the Bank clarified that specific legal procedures must be followed for a named next of kin to access funds in a deceased account holder’s account. These procedures include providing a death certificate and obtaining letters of administration or probate.
“To inherit or access the account of a deceased customer, the individual must be named in the deceased’s Will as a beneficiary of the account, and a court of competent jurisdiction must issue Letters of Probate, granting the beneficiary the authority to access the account,” the statement explained.
The BoG further noted that if a person dies without a Will (intestate), administrators of the estate can be appointed through Letters of Administration issued by a court, granting them access to the deceased’s account.
Given these legal requirements, the Bank stressed the importance of choosing a next of kin who can provide relevant information about the account holder when necessary and recommended that next of kin should ideally be of legal age.