The Bank of Ghana (BoG) has advised citizens to carefully select their next of kin, emphasizing that the chosen individual should be of legal age and capable of providing essential information about the account holder when needed.
This advice stems from a widespread misconception that the next of kin automatically inherits the funds in a deceased account holder’s account, which the Central Bank clarified as inaccurate.
In a notice signed by Sandra Thompson, Secretary of BoG, the bank highlighted that specific legal procedures must be followed for the next of kin to access funds in the account of a deceased person.
This includes presenting a death certificate, letters of administration, or letters of probate to gain access to the deceased’s funds.
BoG also stressed that inheritance of funds only occurs if the next of kin is named in the account holder’s Will as a beneficiary and is granted Letters of Probate by a court.
The Central Bank’s statement underscored the importance of selecting a next of kin who is not only legally eligible but also capable of fulfilling the role effectively.
“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,” the statement read, urging the public to make informed decisions when choosing their next of kin.
