By By: Ikenna C. Ezenwa
Many of us mistakenly believe that when we pass away, our next of kin automatically gains access to our bank accounts. While this idea is comforting, it is unfortunately a misconception. The reality involves a much more rigorous process for a next of kin to claim the assets of a deceased individual. This article aims to clarify these misconceptions and offer practical solutions.
The Role of a Next of Kin
Is the next of kin designation useless in Nigerian banks? Not entirely. Although a next of kin does not automatically gain access to your bank assets upon your death, they still have an important role to play. Many Nigerians believe that their next of kin will immediately inherit their accounts after their passing. However, the truth is that if your next of kin is not a signatory on your account and you do not have a written will specifying their legitimacy, they will not be able to access your money until your account goes through the process of legal probate.
The Probate Process
If you have not made your next of kin a signatory to your account or provided a written will to the bank, your account will go through a legal process known as probate. This probate period allows the bank to determine the rightful heir to your money. The probate process is often lengthy and expensive, and even after it is completed, your family may need to pay significant legal fees.
What is the solution?
To avoid these complications, it is crucial to take proactive steps. One effective solution is to request a Payable on Death (POD) form from your bank. By completing this form, you designate a beneficiary who will receive your money upon your death. The only requirement for this person to access your funds is a death certificate confirming your demise.
By completing a POD form, you can spare your family the stress and financial burden of going through the probate process. This simple step ensures that your assets are transferred smoothly and without the need for costly legal procedures.
I will conclude this piece by stating that it is essential to understand that death is inevitable and to make the necessary legal arrangements to ensure your loved ones can access your assets without difficulty. Completing the proper legal processes now will make the next of kin designation meaningful and effective.
IKENNA CHINAGOROM EZENWA is a 400 level student of the Department of English and Literary Studies, ESUT
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