Next of kin doesn’t automatically inherit bank accounts -BoG

The Bank of Ghana (BoG) is reminding the public that simply naming a next of kin does not automatically mean they inherit bank accounts. It is crucial to choose a next of kin who is legally of age and able to provide necessary information about the account holder.

The BoG emphasizes that following legal procedures, including presenting a death certificate, letters of administration, or letters of probate, is necessary for the named next of kin to access the funds in a deceased person’s account. If a person dies without a Will, administrators of their estate can be appointed through Letters of Administration from a court.

To have access to a deceased customer’s account, a person must be named as a beneficiary in the deceased customer’s Will and receive Letters of Probate from a court. It is important to select a capable next of kin who can provide relevant information when needed, and it is recommended that the next of kin be of legal age.

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