₦airaland Forum

SocialJustice:
Does your doctor treat you for free?

What special advice does a lawyer need to give in private that he cant give honestly on the forum ? Don't you read about doctors on the forum giving free advice on how to manage different health conditions and only ask you to come for specialised cases. Why are some Nigerian lawyers behaving like hunger-infested professionals. Can't you educate him for free? Haven't you read basic educative articles on managing cholesterol and so on. Do you need to consult a doctor before having basic information about cholesterol? What happens to Corporate Social Responsibility. My point, there are some information you can get for free without paying a dime, thank God some have guided him without asking to see a lawyer, even I have learnt from the post. Nigerians and money!

olugabbie:
It depends on the mandate instruction. If it is either to sign your mum can take ownership. But if it is both to sign, then the conditions given by the bank must be met.

This seems to be the answer to the question I wanted to ask.

In a joint account with a mandate either to sign , in the event of death of either of the signatories will the other signatory be allowed access to the account?

ntyce:
The contract was between the man and the bank.
The man is late, contract is now void.

The wife ceased to be a co-signatory the day the man.

Really? what if they are both signatories to the account and the mandate is either of them can sign does death invalidate the other party having access to the account both of them had access to when the other was alive?

zuma4k:
Thanks for your response, they're trying to make us spend needless money. I need more suggestions apart from just routine advice on consulting a lawyer.

Oga, call a lawyer

zuma4k:
Thanks for your response, they're trying to make us spend needless money. I need more suggestions apart from just routine advice on consulting a lawyer.

bro, you need that letter of administration before you can have access to the money and every other thing on that account, be it money, be it shares, in as much as your dad died without a will, you wil get the letter of administration.

That's the normal procedure! Get letter of administration Asap because it may take months, i repeat month before you get it! No amount of long english will change this fact and your case is the same as that of next of kin.

I want to point out something. If someone is already a signatory to the dad's account before demise, do you still need the LOA.

Note in this case the mandate is "either to sign".
Thanks

oluplus:
A co-signatory is not the same as account owner. Do you know you can open a saving account in your name and also introduce your spouse to be a signatory to the account.

She can sign according to the account mandate, but that does not make her account owner. Account will be closed once the owner of the account dies.
It is not a joint account.

So a joint account and someone having an account with another being a cosignatory to that same account are different things.

I thought for you to even be a co signatory it has to be a joint account?

Max24:
What special advice does a lawyer need to give in private that he can give honestly on the forum ? Don't you read about doctors on the forum giving free advice on how to manage different health conditions and only ask you to come for specialised cases. Why are some Nigerian lawyers behaving like hunger-infested professionals. Can't you educate him for free? Haven't you read basic educative articles on managing cholesterol and so on. Do you need to consult a doctor before having basic information about cholesterol? What happens to Corporate Social Responsibility. My point, there are some information you can get for free without paying a dime, thank God some have guided him without asking to see a lawyer, even I have learnt from the post. Nigerians and money!

He needs a lawyer for the process. Obtaining the document he needs is a legal process. There will even be multiple court sittings. The lawyer won't make an appearance, only to guide. When I lost my dad, my family did same. I've experienced it first hand. You can't compare legal processes to self medication.

You'll need a Letter of Administration to gain access to your late father's funds. No bank will just give you the money without it. Secondly the bank will require Executor Oath certificate(also issued by the Probate Court) from one of his relations in this case your Mom.
Let me be frank with you., The cost of LOA is inexpensive but the bureaucracy is horrendous. You will spend months if not years processing it especially if your late dad had landed properties at home or abroad and cash/bonds in various banks home or abroad.
Secondly. The Govt will collect 10% value of total assets before the bank will even release a Kobo to you. Just zero your mind on that.
Talk to a lawyer and start the process today.

Fheelzz:
Sure

Nevertheless there are certain part of the law you should know or have little idea of. Family law is an example. And some other civil related laws.

zuma4k:
Please fellow nairalanders, I need your opinions on this and if possible front page. It's quite personal and goes like this.
1. Mr Adam (my father) opens a fixed deposit account with X Bank. He subsequently submits his wife's details and makes her a co-signatory to the account with the *express mandate* that upon his demise, his wife exercises automatic access to the account and it's proceeds. Does this amount to a valid contract between him and the bank?.

2. Note that after his death the bank reneged on the primary provision of his directive, stating that a letter of administration must be procured (at an exorbitant cost).
Stated Reasons bothers on the fact that under banking laws and the principles of a valid contract, a contract between a depositor and the bank terminates upon the demise of the individual thus rendering the *mandate* unenforceable and invalid.
Please mods I need this on front page. Thanks.

No probate or Letter of Administration, no money for you simple & plain, The law requires the Chief Judge of The State concerned to collect at most 10% of those funds for inheritance tax, whether your Mum is the next of Kin or not.

Is your mother alive, she should go to a known lawyer( Femi Falana)and explain your problem. Just pray they have not stolen your father's money has soon as he died, as we hear that is now their stock in-trade.

zuma4k:
Thanks for your response, they're trying to make us spend needless money. I need more suggestions apart from just routine advice on consulting a lawyer.

Your dad while alive would have terminated the existing fixed deposit and opened a joint fixed deposit with another joint account be it savings or current with a mandate ANY to sign.
Upon maturity of the fixed deposit, the monies will be credited to the joint account opened and she can access the money directly without any letter of administration from the court.

zuma4k:
Thanks for your response, they're trying to make us spend needless money. I need more suggestions apart from just routine advice on consulting a lawyer.

What is difficult in getting what they asked you to provide. It is a joint account and one of the parties is dead, if you do not want to provide what they asked for, you are free to wake the man from death to sign and make withdrawals
Yna wan kpake people money

HenryWilliams:
You'll need a Letter of Administration to gain access to your late father's funds. No bank will just give you the money without it. Secondly the bank will require Executor Oath certificate(also issued by the Probate Court) from one of his relations in this case your Mom.
Let me be frank with you., The cost of LOA is inexpensive but the bureaucracy is horrendous. You will spend months if not years processing it especially if your late dad had landed properties at home or abroad and cash/bonds in various banks home or abroad.
Secondly. The Govt will collect 10% value of total assets before the bank will even release a Kobo to you. Just zero your mind on that.
Talk to a lawyer and start the process today.

Couldn’t have exclaimed any better.

Please note followings:
Account immediately closed upon notice of death of the account holder.
Cheques already paid or financial transactions entered into prior to his death will still be credited to the account.
Other details as regard how account operates are many but going straight to your question you need to obtain a probate or letter of administration.
If you are named in the Will probate is obtained but if no Will then go for letter of Admin.
Mandate power cease to be effective upon the death of account holder.
In brief, consult a lawyer for further details.

Adakintroy:
See how vain the church as an institution has become. The Pentecostal that profess the holy spirit could not perform roles of spirits.

Comfort! The great conforter..Mourn with those mourn. It's emphasy was on reopening. So I ask you very educated Christians. To what end is the a church?

What is This one saying. I guess you are on your own page

Ikr

eniolaamos7:
Nevertheless there are certain part of the law you should know or have little idea of. Family law is an example. And some other civil related laws.

no waste time just send mail to headquarters show ur dissatisfaction.am sure by the next day the manager of the branch will call u himself.
nothing dey reset there brain like sending mail to their superior

zuma4k:
Please fellow nairalanders, I need your opinions on this and if possible front page. It's quite personal and goes like this.
1. Mr Adam (my father) opens a fixed deposit account with X Bank. He subsequently submits his wife's details and makes her a co-signatory to the account with the *express mandate* that upon his demise, his wife exercises automatic access to the account and it's proceeds. Does this amount to a valid contract between him and the bank?.

2. Note that after his death the bank reneged on the primary provision of his directive, stating that a letter of administration must be procured (at an exorbitant cost).
Stated Reasons bothers on the fact that under banking laws and the principles of a valid contract, a contract between a depositor and the bank terminates upon the demise of the individual thus rendering the *mandate* unenforceable and invalid.
Please mods I need this on front page. Thanks.

What’s the mandate? You said co-signatory? Which could mean your dad and your Mum were to sign ? Or basically your Mum cannot sign alone?

What exactly is the mandate

You can talk to us at United Capital Trustees Ltd.. We can help with this at a considerable cost

zuma4k:
Please fellow nairalanders, I need your opinions on this and if possible front page. It's quite personal and goes like this.
1. Mr Adam (my father) opens a fixed deposit account with X Bank. He subsequently submits his wife's details and makes her a co-signatory to the account with the *express mandate* that upon his demise, his wife exercises automatic access to the account and it's proceeds. Does this amount to a valid contract between him and the bank?.

2. Note that after his death the bank reneged on the primary provision of his directive, stating that a letter of administration must be procured (at an exorbitant cost).
Stated Reasons bothers on the fact that under banking laws and the principles of a valid contract, a contract between a depositor and the bank terminates upon the demise of the individual thus rendering the *mandate* unenforceable and invalid.
Please mods I need this on front page. Thanks.

Get a lawyer. Letter of administration cost somewhere around %10 or even less than the cash in the account......

A lawyer will be able to advise and determine whether a letter of Admin is necessary.

Once you have that letter, the bank will create a separate account, names after the estate of your late spouse and will handover the passbook/cheque books of the new account to the beneficiaries listed in the letter of Admin......

Hurry because it may take up to a year before a letter of admin is processed. The sooner you apply the better, before the fraudulent bank staffs start chewing the money there like UBA did to me when my dad died

Try to reach Human right radio Abuja, they will get you justice 101.1 7:45am to 10am

First, is the account placed on PND?
What does the mandate state?
If u can answer these, I will tell u what to do

homesteady:
What is the letter of administration supposed to achieve?

Threaten them that you will take them to court. What they are doing is nonsense.

Take them to court for what?The man died intestate without a will so it is a must to get letter of administration from the probate office in court. Letter of administration makes her the heir to his Estate (properties and money)With the letter of administration, she can open an Estate account in the name of her late husband and all the money will be transferred there while the deceased account is closed.Its not a big deal.

zuma4k:
Thanks for your response, they're trying to make us spend needless money. I need more suggestions apart from just routine advice on consulting a lawyer.

Lodge a complaint with the CBN's Director of Consumer Protection Department.

Your complaint should be clear and concise to avoid ambiguity. The complaint letter (petition) should contain:

* Name, Address, Contact Phone Number & E-mail
* Name of the financial institution
* Personal banking details ( Do NOT include PIN & Password)
* Attach relevant documents to support your claim and;
* Evidence to show that you have first lodged the complaint at your bank.

Send your complaint to this email address cpd@cbn.gov.ng it's the official email address of the CBN's Consumer Protection Department.

If what the bank is asking you to do is in line with CBN directives, going to court won't change anything. If CBN, after receiving your complaint, assures you that the bank is only following directives, do what the bank tells you to do.

Some men puposely punish their family by not creating a will

Go to court and get a letter of adminstration , the court will take 10% of the money.

Report to the ordinary president. Brekete family

Abudu2000:
Some men puposely punish their family by not creating a will

that is not punishment. You must get that letter of adminstration before you get and money if the bank of a late person.

adanny01:
You sound like a banker but deliberately do not want to see the point of view.

Op said the wife was made co-signatory not next of kin. You should know the difference.

It makes the fix deposit a joint account.

I honestly missed that part.