Next of Kin does not automatically inherit account of a deceased person –BoG

The Bank of Ghana (BoG) has stated that a 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.

The BoG clarified that 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.

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” a statement from the BoG said.

It added that 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”, it added.

The central bank cautioned that even if one is named as a Next of Kin in an account opening or other related banking product and services document, the person will still needs to provide legal documents, such as death certificate, Letters of Administration or Letters of Probate to be able to access a deceased customer’s account.