Next of Kin does not automatically get funds of a deceased individual – BoG

The Bank of Ghana (BoG) has clarified that being named as a Next of Kin does not automatically grant access to the bank account or funds of a deceased individual.

To inherit or access a deceased customer’s account, one must be named as a beneficiary in the deceased’s Will. Furthermore, a court of competent jurisdiction must issue Letters of Probate to empower the beneficiary to access the account.

In its notice to the public, the BoG advised individuals to choose a Next of Kin who can provide relevant information when needed. The Central Bank also recommended selecting a Next of Kin who is of legal age.

The BoG emphasised that even if a person is listed as a Next of Kin in banking documents, they will still need to provide legal documents such as a death certificate, Letters of Administration, or Letters of Probate to access the account of a deceased customer.

Source:classfmonline.com