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Can Your Next Of Kin Have Access To The Money In Your Account If You Die ? - Family - Nairaland

Nairaland Forum / Nairaland / General / Family / Can Your Next Of Kin Have Access To The Money In Your Account If You Die ? (391 Views)

Next Of Kin Issues: A stranger Has Taken Over His Dad's properties Please Advise / The Meaning Of "Next Of Kin" / What The Law Says About Next-of-kin In Nigeria (2) (3) (4)

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Can Your Next Of Kin Have Access To The Money In Your Account If You Die ? by Jokanem(m): 8:00am On Aug 28, 2023
"NEXT OF KIN" IS USELESS IN THE BANK

IF YOU DIE TODAY, YOUR "NEXT OF KIN" WILL NOT HAVE ANY ACCESS TO THE MONEY IN YOUR ACCOUNT!!!

So Many Nigerians Think 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.
Re: Can Your Next Of Kin Have Access To The Money In Your Account If You Die ? by Jokanem(m): 8:12am On Aug 28, 2023
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Re: Can Your Next Of Kin Have Access To The Money In Your Account If You Die ? by keeper303: 8:16am On Aug 28, 2023
Jokanem:
"NEXT OF KIN" IS USELESS IN THE BANK

IF YOU DIE TODAY, YOUR "NEXT OF KIN" WILL NOT HAVE ANY ACCESS TO THE MONEY IN YOUR ACCOUNT!!!

So Many Nigerians Think 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.

Can you please mention one bank in Nigeria that issues this POD forms for customers 🙏

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Re: Can Your Next Of Kin Have Access To The Money In Your Account If You Die ? by jmoore(m): 8:30am On Aug 28, 2023
Next of kin can't get money from bank. The solution you gave is useless, especially in Nigeria
POD is not legally available in Nigeria.

The best way is to have your wife or husband and at least one child of yours that knows your debit card pin, bank app pin.

Just make sure your child and spouse can be trusted.

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Re: Can Your Next Of Kin Have Access To The Money In Your Account If You Die ? by keeper303: 11:54am On Aug 28, 2023
jmoore:
Next of kin can't get money from bank. The solution you gave is useless, especially in Nigeria
POD is not legally available in Nigeria.

The best way is to have your wife or husband and at least one child of yours that knows your debit card pin, bank app pin.

Just make sure your child and spouse can be trusted.

Another way round it is to open a joint with your son / wife with the mandate that any one of you can sign to collect money. At death, the living (wife/son) can have access to the money in the account pending the formalisation of the letter of administration. The downside is if you have a bad child or a wayward wife, then your money will be wiped out even when you are alive cheesy ;DD
Re: Can Your Next Of Kin Have Access To The Money In Your Account If You Die ? by izonborn098(m): 12:05pm On Aug 28, 2023
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Re: Can Your Next Of Kin Have Access To The Money In Your Account If You Die ? by Nazgul: 9:11pm On Sep 02, 2023
If you have aged parents, just know their bank app pin and ATM pin. That's all you need to know so that whenever they're called to be with the Lord, you won't have any business in their bank.

Same goes for spouses, as you begin to age, your spouse or kids should know your bank app and ATM pin as well.

1 Like

Re: Can Your Next Of Kin Have Access To The Money In Your Account If You Die ? by fineboynl(m): 9:29pm On Sep 02, 2023
Nazgul:
If you have aged parents, just know their bank app pin and ATM pin. That's all you need to know so that whenever they're called to be with the Lord, you won't have any business in their bank.

Same goes for spouses, as you begin to age, your spouse or kids should know your bank app and ATM pin as well.
not just age oh. Death can happen at any point in life.

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