The Bank of Ghana (BoG) has advised the public to choose their next of kin carefully, emphasizing the importance of selecting someone who is not only of legal age but also capable of providing essential information about the account holder when needed.
The Central Bank issued this guidance to address the widespread misconception that the person named as the next of kin automatically inherits the account holder’s funds upon their passing.
In a notice signed by BoG Secretary Sandra Thompson, the Bank clarified that specific legal procedures must be followed for a next of kin to access funds in a deceased account holder’s account.
These procedures include presenting a death certificate, letters of administration, or letters of probate.
To inherit or gain access to a deceased customer’s account, an individual must be named as a beneficiary in the deceased’s Will, and a court must issue Letters of Probate to authorize the beneficiary to access the account.
For those who die without a Will, administrators of the estate can be appointed through Letters of Administration (L.A.), granting access to the account.
Given these requirements, BoG highlighted the importance of choosing a next of kin who can provide relevant information about the account holder when necessary and encouraged selecting someone of legal age.
