Bank of Ghana Clarifies Next of Kin Misconceptions Regarding Account Inheritance

Bank of Ghana Clarifies Next of Kin Misconceptions Regarding Account Inheritance

The Bank of Ghana (BoG) has issued a crucial reminder to the public regarding the role of a next of kin in relation to bank account inheritance. The Central Bank emphasized that naming someone as a next of kin does not automatically grant them access to the account holder’s funds upon their death.

In a statement signed by Sandra Thompson, Secretary of the BoG, the Bank addressed what it described as a widespread misunderstanding. The BoG clarified that specific legal processes must be followed for a next of kin to access the deceased’s account. This includes presenting a death certificate, letters of administration, or letters of probate.

To access a deceased account holder’s funds, the next of kin must be designated in the deceased’s Will as a beneficiary. A court must then issue Letters of Probate to legally authorize the beneficiary to access the account. For individuals who die without a Will, administrators of the estate can be appointed via Letters of Administration, also issued by a court.

The BoG advises account holders to select a next of kin who is both of legal age and capable of providing necessary information about the account holder when needed.

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