The Bank of Ghana (BoG) has urged the public to carefully select their next of kin, emphasising the importance of choosing someone who is not only legally of age but also capable of providing essential information about the account holder when required.
This advisory comes in response to what the Central Bank describes as a widespread misconception that the person designated as the next of kin automatically inherits the account holder’s funds upon their death.
In a notice signed by BoG’s Secretary, Sandra Thompson, the Bank clarified that certain legal procedures must be followed by the named next of kin to access the funds in a deceased person’s account.
These procedures include the presentation of a death certificate, letters of administration, or letters of probate.
For individuals who die without a Will, administrators of their estate can be appointed through Letters of Administration (L.A.), issued by a court, granting access to the deceased customer’s account.
“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.
“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,” part of the statement read.
Latest Stories
-
EC must not betray Ghanaians’ trust in them – Mahama
9 mins -
Election 2024: Northern Ghana will be the key battleground – Political Analyst
25 mins -
MMDAs in Greater Accra to develop Air Quality Action Plan
31 mins -
VRA Senior Staff demonstrate against proposed Bui Power Authority merger
36 mins -
We strongly dispute termination of FGR Prestea-Bogoso Mining lease – Blue Gold
40 mins -
NDC alleges illegal voter transfers in Tolon, demands forensic audit
55 mins -
NDC to win in 11 regions, NPP to suffer dip in Ashanti – SBM Intelligence projects
59 mins -
Elevate your methods, ensure transparency – Christian Council to EC
1 hour -
We’ll not be distracted by NDC – NPP’s Nimako on voter’s register protest
1 hour -
3rd KBE Memorial Lecture explores monetary policy impact on the economy
1 hour -
News of KODA’s death was a difficult moment for me – Joe Mettle
2 hours -
Fuel attendants’ salaries: Local OMCs paying better than foreign-owned companies – Report
2 hours -
Galamsey: Chinese miners continue to wash mining residue into Tano River
2 hours -
Polio type 2 detected in Koforidua, public health emergency declared
2 hours -
Corruption scandals so common they no longer attract media attention- Mahama mocks government
2 hours