Your next of kin will not automatically inherit your bank accounts - BoG reveals

The Bank of Ghana (BoG) has issued an advisory urging the public to exercise caution when selecting their next of kin.

According to the Central Bank, it is crucially important for bank account holders to choose someone who is not only legally of age but also capable of providing essential information about the account holder when required.

This guidance comes in response to a widespread misconception that designating someone as next of kin automatically entitles them to inherit the account holder’s funds upon their death. In a notice signed by BoG Secretary Sandra Thompson, the Bank clarified that specific legal procedures must be followed for the next of kin to access funds in a deceased person’s account.

The Bank outlined that these procedures include the presentation of a death certificate, letters of administration, or letters of probate. For those who die without a will, administrators of their estate can be appointed through Letters of Administration (L.A.), issued by a court, granting them access to the deceased’s account.

“To inherit or have access to the account of a deceased customer, one will have to be named in the deceased customer’s will as a beneficiary of the account, and a court of competent jurisdiction will have to grant Letters of Probate to empower the person who has been named in the will as a beneficiary to obtain access to the deceased customer’s account,” the statement read.

Furthermore, the BoG emphasised that administrators of an estate for those who die intestate—without a will—can be appointed through court-issued Letters of Administration, which will allow access to the deceased’s account.

The BoG stressed the importance of choosing a next of kin who can provide relevant information about the account holder when necessary. The Bank strongly encourages that next of kin be of legal age to ensure they can fulfil these responsibilities effectively.

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