Next-of-Kin Does not Automatically Inherit Account of Deceased – Bank of Ghana

The Bank of Ghana has released a public notice to clarify the responsibilities and limitations of a Next-of-Kin in relation to bank account operations, addressing a widespread misconception that a Next-of-Kin automatically inherits the funds in a deceased person’s account.

The central bank emphasized that the term “Next-of-Kin” is often misinterpreted. While the Next-of-Kin is generally the closest living relative of the account holder and serves as a contact person when the account holder cannot be reached, this role does not entitle them to automatic access to or inheritance of the deceased’s account funds.

To inherit or access the funds in a deceased person’s account, the individual must either be explicitly named as a beneficiary in the deceased’s Will, with a court issuing Letters of Probate, or be appointed as an administrator of the estate through Letters of Administration if no Will exists.

The Bank of Ghana further advised customers to choose a Next-of-Kin who is capable of providing essential information about them when needed and, ideally, one who is of legal age. Additionally, the bank reminded the public that even if someone is listed as a Next-of-Kin, they must still present legal documents such as a death certificate, Letters of Administration, or Letters of Probate to access the deceased’s account.