Your next-of-kin won't be able to access the money in your account if you pass away today. According to him, the bank will not provide the next-of-kin the deceased person's money unless the person made the next-of-kin a co-signatory on the account or had a will. The bank will demand that the next-of-kin go through the drawn-out and pricey probate procedure in order to get the deceased's money. He added that the relatives of the dead would have to forego
a sum of money used for the probate process's legal expenses. Then he advised going to one's bank and asking for the Payable on Death (POD) Form in order to avoid all those costs. To put it another way, in his judgment, submitting a POD Form compels the bank to pay the funds remaining to the credit of a deceased person's bank account immediately to the next-of-kin without the next-of-kin first providing the bank with Letters of Administration or a Grant of Probate.
In actuality, having a next of kin listed on all of your property papers, bank accounts, and other investments is in no way equivalent to having a WILL or granting your next of kin automatic access without a formal legal arrangement.
"In terms of succession, next-of-kin is not exceptional in any way. The person you should contact first in the event of an emergency is your next-of-kin. He or she is a person who has the authority to make choices for you in an emergency or when you are unable or unable to do it yourself. He or she is a person with the authority to provide pertinent information about you when required, such as establishing your identification. Additionally, he or she is in a position to make decisions regarding health care, such as giving
a process in medicine.
Your property is NOT automatically distributed to your nearest of kin upon your passing.
What exactly does "next of kin" mean?
The term "next of kin" is largely used so that emergency personnel will know who to notify about a patient's status and care. Anybody you want, including your spouse, blood relatives, and even friends, can receive the title. Additionally, more than one individual may be listed as your next of kin.
I am sure you have filled out various forms, asking you for your next of kin. A bank account, an investment document, and others.
Does next of kin have access to your bank account?
When an account holder dies, the next of kin must notify their banks of the death. This is usually done by delivering a certified copy of the death certificate to the bank, along with the deceased’s name, bank account number, and other information. The bank will also require other documents, including court-issued letters, testamentary or letters of administration naming an executor or administrator of the deceased’s estate for the next of kin to have access to the funds of the deceased.
The legal position is that, in the case of death, the bank accounts of a deceased person who passed away without leaving a Will must be disbursed to the beneficiaries of the deceased who have been given Letters of Administration by the Probate Registry of a State's High Court. Before the bank will release the deceased's assets to the executors of a legal will, the will must also go through the probate procedure and receive a Grant of Probate.
Only if the designated next of kin had an ownership interest in the account from the beginning through the BANK MANDATE, will that person be permitted access to the deceased individual's bank account.
A bank mandate is what?
A person who is approved as a co-signatory to your bank account is known as a bank mandate or an account signatory mandate. The majority of banks provide a number of alternatives, such "either-or" should sign, "both" should sign, etc. and might enable up to three signatures. [This changes depending on the bank]
After the death of the dead, the best that a next-of-kin may do is possibly to see that the proper actions are performed in order to get letters of administration from the probate. Without the beneficiaries first presenting a Grant of Probate (in cases where the dead died testate) or Letters of Administration (in cases where there is no Will), the normal Nigerian's understanding of the phrase "next-of-kin" is incorrect.
blogpay
