Next of Kin must be named in a deceased customer’s Will to have access to funds in account – BoG clarifies

The Bank of Ghana (BoG) has issued a press release to provide clarity on the issue of the Next of Kin named on the bank account of an individual.

In its release dated Thursday, August 29, the Central Bank stressed that a person nominated as Next of Kin does not automatically inherit or gain access to the funds in the account of a deceased.

“For the avoidance of doubt let us appreciate the following: The 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 Bank of Ghana said in its release.

The release further indicated 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, 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.

BoG additionally noted 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.

In the release, BoG indicated that 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. In summary, please note that even if one is named as a Next of Kin in an account opening or other related banking product and services document, they will still need 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,” BoG said in its release.