BizHeadlines: Next of Kin not an automatic beneficiary of a deceased’s bank accounts [Video]

In business this week, The Bank of Ghana (BoG) has advised the public to carefully consider their choice of next of kin, stressing that they select someone who is not only of legal age but also capable of providing relevant information about the account holder when necessary.

This follows what the Central Bank describes as a “pervasive misconception that the person nominated as Next-of-Kin by the account holder automatically inherits the funds in the account when the account holder passes on”.

In a notice signed by the secretary of BoG, Sandra Thompson, Bank of Ghana explained that specific legal procedures must be followed by named next of kin to access funds in the account of the deceased.

This includes providing a death certificate, letters of administration or letters of probate to be able to access a deceased customer’s account.

Also, Government has paid GH¢2.5 billion in bonds to cover arrears owed to the Social Security and National Insurance Trust (SSNIT).

This …