Bank of Ghana Urges Caution in Choosing Next-of-Kin Amid Misconceptions on Inheritance
The Bank of Ghana (BoG) has issued a cautionary advisory regarding the selection of next of kin for account holders, emphasizing the necessity of appointing individuals who are both legally of age and capable of providing pertinent information when required.
This guidance comes in light of a prevalent misunderstanding that the designated next of kin automatically inherits the deceased account holder’s funds.
In a statement signed by Secretary of the Bank of Ghana, Sandra Thompson, the central bank clarified that legal protocols must be adhered to for the next of kin to gain access to the deceased’s financial assets.
Key procedures include the submission of a death certificate, alongside letters of administration or probate, as appropriate.
For individuals who pass away intestate, administrators can be appointed through Letters of Administration issued by a court, allowing access to the deceased’s accounts.
The central bank’s advisory serves as a crucial reminder for the public to approach the sensitive matter of financial estate planning with diligence and foresight.
