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Why Next Of Kin Can’t Reclaim Deceased Asset In Bank Easily

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Why Next Of Kin Can Reclaim Deseased Asset In Bank Easily

The notion that next of kin is the only legally recognized person to claim ones money in bank in case of death is not 100% true in the Nigeria context.

If a person with bank account dies today, your “next of kin” will not have any access to the money in your account.

Why ? This was as a result of lack of proper explanation by bank institutions about how to recover money owned by death person in their possession.

So many Nigerians believe that their next of kin is the automatic heir to their accounts.

But the truth is that if your next of kin is not a signatory to your account, and you don’t have a written will to determine that person’s legitimacy, the person will not have access to that money at all.

Your bank will have to go through a process called a legal probate.

This probate period helps them determine who gets the money in your account. This is a very very lengthy and expensive process.

Even after the whole process is done, your family will have to forfeit some very reasonable amount of the money for legal fees.

But if you want to avoid this, simply request for your bank to give you something called a POD form. POD stands for “PAYABLE ON DEATH”.

The name of the person you fill in that POD form will determine who will get your money. All the person needs to bring is a death certificate to get that money out.

With a POD form, you will save your family the stress of going through all that lengthy legal process and even losing some money to the law.

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