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How To Recover Funds From Accounts Of Deceased Loved Ones. - Business (3) - Nairaland

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Re: How To Recover Funds From Accounts Of Deceased Loved Ones. by Chukd225: 12:24am On Jul 23, 2019
Yes it is tedious to discourage fraudsters or people who are not the real beneficiaries of the estate.
Re: How To Recover Funds From Accounts Of Deceased Loved Ones. by femi4: 1:45am On Jul 23, 2019
See stress....its better you make your own wealth and stop chasing shadows
Re: How To Recover Funds From Accounts Of Deceased Loved Ones. by guru03(m): 2:12am On Jul 23, 2019
After doing my letter of administration, I just discovered that my Dad had shares with flower mills, how do I go about that?
Re: How To Recover Funds From Accounts Of Deceased Loved Ones. by deltateam: 2:48am On Jul 23, 2019
nototribalist:
yesterday on a similar thread I commented on how the banks were frustrating my family until we now heard that any of my dad N120k monthly pension that was paid after he died would be refunded back to pension people.
I would like to know if it's true

Didn't you read my recommendations?
Re: How To Recover Funds From Accounts Of Deceased Loved Ones. by Nobody: 3:56am On Jul 23, 2019
guru03:
After doing my letter of administration, I just discovered that my Dad had shares with flower mills, how do I go about that?
I HV similar case...get a stock broker and he vmcsn assist u
Re: How To Recover Funds From Accounts Of Deceased Loved Ones. by guru03(m): 4:03am On Jul 23, 2019
eddy1234:
I HV similar case...get a stock broker and he vmcsn assist u

Have you resolve yours?
Re: How To Recover Funds From Accounts Of Deceased Loved Ones. by pfadom: 5:08am On Jul 23, 2019
My man nothing is golden about your heart. Rather you have a rotten heart.

Goldenheart:


No 7 Owolabi street.... There is a Bar at the front.... Just behind the bar is a secret Harlem cool
Re: How To Recover Funds From Accounts Of Deceased Loved Ones. by Duggedised12(f): 6:05am On Jul 23, 2019
pocohantas:
Thank you...

Objections, suggestions and experiences are welcome smiley

Cc: Laudate.
my own is when there is an objection ,how does the person objecting go about it? e.g my sister from another woman is applying for letter of administrative over our fathers bank accounts ,how do i object?
Re: How To Recover Funds From Accounts Of Deceased Loved Ones. by Nobody: 6:17am On Jul 23, 2019
The main question is what happens when living relatives are not aware of the stashed up cash or shares of a dead relative?

Banks automatically convert it to theirs which is legal robbery of the dead.
Re: How To Recover Funds From Accounts Of Deceased Loved Ones. by DavidEsq(m): 6:18am On Jul 23, 2019
pocohantas:
Following the thread on unrecovered funds from a deceased's bank account
https://www.nairaland.com/5314151/how-banks-bankers-getting-richer

I noticed the reoccurring misconception of the next of kin. I will like to address some of these misconceptions and how to recover such funds (to the best of my knowledge).

THIS IS FOR PERSONS WHO DIED INTESTATE (WITHOUT LEAVING BEHIND A VALID WILL)


1: Who is a next of kin (NOK)?
The NOK is the closest living (mostly) blood relative to an individual. For some people, it could be their spouse, parent, siblings, children…even friends.

2: What is the NOK entitled to?
NOK is just a contact person, he/she is NOT AUTOMATICALLY ENTITLED TO THE DECEASED’S ESTATE. Emphasis on automatically because there are situations where the NOK would eventually double as the BENEFICIARY.

3: Who is a BENEFICIARY?
A beneficiary is someone who receives all or part of the deceased's estate.

4: What then is the NOK for?
You might be wondering, since the person won’t be given your funds without paperworks, why fill that space in your Account opening forms? Well, the NOK is that person to be contacted in event of emergencies or whenever the need arises. It shouldn't be a minor.


PROCEDURES TO RECOVER FUNDS FROM A DECEASED'S BANK ACCOUNT;

A:—The survivor(s) to the deceased should head to the Probate Registry in a High Court to apply for an administration of deceased estate/properties. This application must be accompanied by a DEATH CERTIFICATE and can be done IN PERSON OR THROUGH A LEGAL PRACTITIONER.

The process to get the LETTER OF ADMINISTRATION is very much the same across states, though there might be slight differences. Application must contain the following;

-Full names of deceased.
-Date of death of deceased.
-Last residence before death.
-Name of proposed administrators

You will be guided on every other form to fill or required documents and identification.

Persons that can apply for the letter of administration are generally called NOKs and are classified in this heirarchy;

– Surviving spouse(s) of the deceased
– Children of the deceased
– Parents of the deceased
– Brothers or sisters of the deceased of full blood or the children of such sibling.
– Brother or sister of the deceased of half-blood or the children of such sibling.
– Grandparents of the deceased
– Uncles and aunts of full blood or their children

B:—The Probate Registry would give you a letter of confirmation to be taken to banks, financial houses as well as stockbrokers the deceased shared business relationships with. This will enable them disclose the deceased's financial standing as of that date.

C:— Return the confirmation to the Probate Registry. They will add up the deceased’s balances and apply their charges. You will be required to make payments. After payments, the paperwork for you to be administrator would be concluded.

D:—Upon issuance of the Letter of Administration, it should be taken to all the (SUSPECTED) banks where the deceased had accounts for claims. The beneficiary can then decide to open an estate account to move the funds or take it cash. When he/she opts for the latter, the bank would issue a bank draft.


NOTE:
>>2 guarantors (preferably with landed properties) would be required to fill some documents, to support their application to the probate registry, before the letter of administration can be issued.

>>The process could take some time because publication would be made in the gazette or newspaper. This is to give any interested person the opportunity to object and file a caveat to the grant of letter of administration to the applicant.

>>Objection may be raised within specified period for filing a caveat. In the absence of any, the letters of administration would be granted.

>>There are various fees to be paid before its application is evaluated and approved.
However, once approved by the Probate Registry, an estate fee of 5-10% (depending on the state) of the estate's value is paid to the State Government where the Letter of Administration is made and approved.


>>Is there a statute of limitation on filing for the estate of a dead relative? If there is, how long is it?

No, there isn’t. Whenever the relatives are up to it, they would be given the funds upon presentation of necessary documents.

>>What happens when the relatives do not know all the deceased’s bank accounts?

In this era of BVN, the relatives can state this request at the Court. They would help with an order mandating the bank to make known all accounts linked to the deceased.
At th bolden: the Probate division would also require u to go to the institution wr the deceased worked (of he died in the course of his employment) or from his bank, to obtain a letter of introduction from the institution introducing u as his next-of-kin in his records with the institution. They now require it as part of their means of avoiding litigation from persons who think they ought to have been issued with letters of administration. In the FCT, the estate fee is 50k per asset-whether landed or not and it includes bank accounts. As long as that particular asset forms part of the subject matter of the letter of administration, it 50k u pay for it. Nice read, Poca

3 Likes

Re: How To Recover Funds From Accounts Of Deceased Loved Ones. by DavidEsq(m): 6:22am On Jul 23, 2019
Duggedised12:
my own is when there is an objection ,how does the person objecting go about it? e.g my sister from another woman is applying for letter of administrative over our fathers bank accounts ,how do i object?
File a caveat at the probate division of the high court, where she is applying for grant of letters of administration. How u may go about it, talk to a lawyer, pls.
Re: How To Recover Funds From Accounts Of Deceased Loved Ones. by Duggedised12(f): 6:25am On Jul 23, 2019
DavidEsq:

File a caveat at the probate division of the high court, where she is applying for grant of letters of administration. How u may go about it, talk to a lawyer, pls.
OK,thanks
Re: How To Recover Funds From Accounts Of Deceased Loved Ones. by Cupidkc(m): 6:32am On Jul 23, 2019
Nice info here
Re: How To Recover Funds From Accounts Of Deceased Loved Ones. by Jbleenk: 6:43am On Jul 23, 2019
I never had to go thru all these processes cos I had my mum Atm PIN number.

A family member should know every financial dealings of each and every person in case of eventuality

2 Likes

Re: How To Recover Funds From Accounts Of Deceased Loved Ones. by akdjr(m): 6:48am On Jul 23, 2019
My grandma ma has about 2500 in Unity bank before she passed on.... The next of kin is her only son my uncle who is also late now without any child. How can I claim the money? I know it must have yielded enough interest by now.
Re: How To Recover Funds From Accounts Of Deceased Loved Ones. by obiuchesil: 6:50am On Jul 23, 2019
Thank you madamfor this info.
I have processed my late mum pension and gratuity papers but I'm yet to be paid.
I first processed an Authorization Letter at our State Education Board which I was directed to submit a copy at the state pension office. For long, I have not hear from them even though I visit them regularly.
Again, a relative told me about this probate. Which I have successfully processed, and the Administration Letter issued to me, which I have sent through DHL to our state Accountant General office (my adviser told me that they might not accept the letter by hand) and yet I have not heard from them after all the stress and money spent on the process.
Pls advice me, what next line of action should I take?
Thank you.
Re: How To Recover Funds From Accounts Of Deceased Loved Ones. by Nobody: 6:51am On Jul 23, 2019
pocohantas:
Following the thread on unrecovered funds from a deceased's bank account
https://www.nairaland.com/5314151/how-banks-bankers-getting-richer

I noticed the reoccurring misconception of the next of kin. I will like to address some of these misconceptions and how to recover such funds (to the best of my knowledge).

THIS IS FOR PERSONS WHO DIED INTESTATE (WITHOUT LEAVING BEHIND A VALID WILL)


1: Who is a next of kin (NOK)?
The NOK is the closest living (mostly) blood relative to an individual. For some people, it could be their spouse, parent, siblings, children…even friends.

2: What is the NOK entitled to?
NOK is just a contact person, he/she is NOT AUTOMATICALLY ENTITLED TO THE DECEASED’S ESTATE. Emphasis on automatically because there are situations where the NOK would eventually double as the BENEFICIARY.

3: Who is a BENEFICIARY?
A beneficiary is someone who receives all or part of the deceased's estate.

4: What then is the NOK for?
You might be wondering, since the person won’t be given your funds without paperworks, why fill that space in your Account opening forms? Well, the NOK is that person to be contacted in event of emergencies or whenever the need arises. It shouldn't be a minor.


PROCEDURES TO RECOVER FUNDS FROM A DECEASED'S BANK ACCOUNT;

A:—The survivor(s) to the deceased should head to the Probate Registry in a High Court to apply for an administration of deceased estate/properties. This application must be accompanied by a DEATH CERTIFICATE and can be done IN PERSON OR THROUGH A LEGAL PRACTITIONER.

The process to get the LETTER OF ADMINISTRATION is very much the same across states, though there might be slight differences. Application must contain the following;

-Full names of deceased.
-Date of death of deceased.
-Last residence before death.
-Name of proposed administrators

You will be guided on every other form to fill or required documents and identification.

Persons that can apply for the letter of administration are generally called NOKs and are classified in this heirarchy;

– Surviving spouse(s) of the deceased
– Children of the deceased
– Parents of the deceased
– Brothers or sisters of the deceased of full blood or the children of such sibling.
– Brother or sister of the deceased of half-blood or the children of such sibling.
– Grandparents of the deceased
– Uncles and aunts of full blood or their children

B:—The Probate Registry would give you a letter of confirmation to be taken to banks, financial houses as well as stockbrokers the deceased shared business relationships with. This will enable them disclose the deceased's financial standing as of that date.

C:— Return the confirmation to the Probate Registry. They will add up the deceased’s balances and apply their charges. You will be required to make payments. After payments, the paperwork for you to be administrator would be concluded.

D:—Upon issuance of the Letter of Administration, it should be taken to all the (SUSPECTED) banks where the deceased had accounts for claims. The beneficiary can then decide to open an estate account to move the funds or take it cash. When he/she opts for the latter, the bank would issue a bank draft.


NOTE:
>>2 guarantors (preferably with landed properties) would be required to fill some documents, to support their application to the probate registry, before the letter of administration can be issued.

>>The process could take some time because publication would be made in the gazette or newspaper. This is to give any interested person the opportunity to object and file a caveat to the grant of letter of administration to the applicant.

>>Objection may be raised within specified period for filing a caveat. In the absence of any, the letters of administration would be granted.

>>There are various fees to be paid before its application is evaluated and approved.
However, once approved by the Probate Registry, an estate fee of 5-10% (depending on the state) of the estate's value is paid to the State Government where the Letter of Administration is made and approved.


>>Is there a statute of limitation on filing for the estate of a dead relative? If there is, how long is it?

No, there isn’t. Whenever the relatives are up to it, they would be given the funds upon presentation of necessary documents.

>>What happens when the relatives do not know all the deceased’s bank accounts?

In this era of BVN, the relatives can state this request at the Court. They would help with an order mandating the bank to make known all accounts linked to the deceased.

Poco's alufa mail adversaries right now 'Useless feminist. Working hard to help all those lazy widows reap where they did not sow'
Re: How To Recover Funds From Accounts Of Deceased Loved Ones. by spyg1(m): 7:02am On Jul 23, 2019
my friend have his dad's ATM card and the phone number he has been receiving alert, but he doesn't know the pin. how can he go about it?
Re: How To Recover Funds From Accounts Of Deceased Loved Ones. by MrFly(m): 7:03am On Jul 23, 2019
Nowadays na ATM transfer na im pure pass
Re: How To Recover Funds From Accounts Of Deceased Loved Ones. by salt1: 7:06am On Jul 23, 2019
femi4:
See stress....its better you make your own wealth and stop chasing shadows

I tell you!
But the easier way is to make your spouse a signatory to your bank accounts and a joint owner of your properties. S/he doesn't need to exercise that privilege except there's an emergency.

But Nigerians, men and women, have serious trust issues. The husbands with multiple mistresses won't want their wives to know their financial standing, while the wives with their insecurities in the marriage won't want to make their children paupers if she dies and the husband remarries and throws out her children from their mom's properties

5 Likes

Re: How To Recover Funds From Accounts Of Deceased Loved Ones. by ohosi4real(m): 7:10am On Jul 23, 2019
Nice
Re: How To Recover Funds From Accounts Of Deceased Loved Ones. by teesugar(f): 7:30am On Jul 23, 2019
ruggedtimi:
What if the family is not aware of the deceased account ? The bank wins
Exactly my thoughts. Some family members don't even know that their husband/father had such amount of money kept in the bank. What happens?
Re: How To Recover Funds From Accounts Of Deceased Loved Ones. by Sammyfabulous: 7:45am On Jul 23, 2019
Hmm... I remember going through this same process after I lost my dad last year, I vowed not to use a lawyer after several lawyers were demanding outrageous fees. I did everything myself although I really suffered but just thinking about what my dad left I couldn't just imagine suffering for the rest of my life. LOA na die, PFAs frustrated me, travelled to PENCOM abuja several times I was on their neck ehn. Thank God.

Anyone( if you're the one legally entitled and got all the required documents) about to start this process now shouldn't give up, yes you will be frustrated to back out but if you put all your efforts you'll be paid all the money either in the bank or from the RSA account. Don't let anyone discourage you, people are collecting millions

Warning: if you're not the legal beneficiary to what the deceased left behind and you try playing a smart one you'll be caught and death with, the process is slow and requires so much verification at every angle right now.

3 Likes

Re: How To Recover Funds From Accounts Of Deceased Loved Ones. by izzou(m): 7:52am On Jul 23, 2019
pocohantas:


Yes, it could be very tedious. The bureaucracy in our civil service is a major bottleneck. We are not there yet.

I hope she finally got the funds?

Oh she did cheesy

I laugh when people say banks and other institutions will try to frustrate you so you can't access the deceased entitlements

Just get all the required documents and be patient....
Re: How To Recover Funds From Accounts Of Deceased Loved Ones. by nototribalist: 7:54am On Jul 23, 2019
deltateam:


Didn't you read my recommendations?
my question is those pension funds that were paid into the account after he had passed, are they meant to be refunded? While the main balance belongs to us
Re: How To Recover Funds From Accounts Of Deceased Loved Ones. by deltateam: 8:00am On Jul 23, 2019
nototribalist:
my question is those pension funds that were paid into the account after he had passed, are they meant to be refunded? While the main balance belongs to us

They are meant to be refunded since pensions are only payable if one is alive.

The fact is the bank didn't refund it. The manager don pocket am. That's why I told you to contact cbn and pensions office to report.
Re: How To Recover Funds From Accounts Of Deceased Loved Ones. by wilroy: 8:04am On Jul 23, 2019
Since my father died in service in 1997..Nigerian Police haven't called his family or relatives to come for his Money or neither do we have his Service Number....
I don't even know his Bank!! My mom died the following year
Please what can I do to get my father's money out
Re: How To Recover Funds From Accounts Of Deceased Loved Ones. by dharpzee: 8:16am On Jul 23, 2019
The process can be made abit easier, kindly contact Meristem registrars and Probate ltd, or call me on 08178192374
Re: How To Recover Funds From Accounts Of Deceased Loved Ones. by Psoul(m): 8:20am On Jul 23, 2019
Best option. Marry someone u love. Build love and trust. Give your spouse all your bank details. If u uses ATM, disclose the PIN to ur spouse. In case of emergency or even death, atleast your hard earned money will not go to someone that never shared in the struggle to make the money.

If peradventure I die today, my wife will still have access to my bank transaction. She would go begging anyone(Probate Court, Bank Manager or a Lawyer) to help her release her husband's money....God forbid.

1 Like

Re: How To Recover Funds From Accounts Of Deceased Loved Ones. by Omudia11: 8:23am On Jul 23, 2019
You're fvcking olosho but when you're done you'll come here to call women olosho. How are you different from the olosho you're fvcking?

Nonsense and olosho.
doctore212:
How can I get an Oloshos number in Ajegunle. It is very urgent

1 Like

Re: How To Recover Funds From Accounts Of Deceased Loved Ones. by Nobody: 8:24am On Jul 23, 2019
Very informative cool

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