A crucial update for all bank account holders in Nigeria: the concept of “Next of Kin” no longer guarantees access to your bank account in the event of your passing
Many Nigerians assume that their next of kin will automatically inherit their bank accounts. However, this is not the case. Unless your next of kin is a signatory to your account or you have a written will, they will not have access to your funds
Without proper documentation, your bank will have to undergo a lengthy and expensive process called Legal Probate. This process determines who is entitled to your account funds. Even after the probate process is complete, your family will still have to forfeit a significant amount of money for legal fees.
To avoid this hassle, you can request a POD (Payable on Death) form from your bank. This form allows you to designate a beneficiary who will receive your account funds upon your passing. All they need to provide is a death certificate to access the funds.
Don’t leave your loved ones with unnecessary stress and financial burdens. Take control of your bank account and ensure that your wishes are respected. Request a POD form from your bank today and secure your family’s financial future.
