People usually believe that once they are made next-of-kin by a friend or a relative while opening a bank account, they become the automatic inheritor of the funds once the account holder dies.
If you are a next of kin to someone, you might want to start realigning your thoughts about their funds. The Bank of Ghana (BoG) has explained that people who are nominated the as next-of-kin are basically a means of contact in case the account holder becomes untraceable. The concept is basically created to help trace the whereabouts of the account holder and not necessariy for them to become beneficiaries of their funds, said Amoako Donkor, Assistant Director, Financial Stability Department of BoG.
Mr. Donkor was speaking on the topic “The next-of-kin concept” during a capacity building worshop for some selected young journalists. This was held in the Ashanti Region.
Speaking on the process of retrieving funds of a deceased person, the Assistant Director said information on beneficiaries of the funds must be stated in the deceased person’s will.
“To inherit or have access to the bank account of a deceased person, one will have to be named in the deceased person’s will as a beneficiary of the account
Following this, the beneficiary is expected to secure through a legal process, a probate that authorises them access the deceased person’s funds.
He also added that “In Ghana, this concept of next-of-kin is not defined in our laws, so our discussion is based on what traditionally has been the practice and that is what is likely to continue until such time that as a country we include this in a particular law.”
Source: Dehotpress
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