How to Access a Deceased Person’s Access Bank Account: Limited awareness exists among the populace of Nigeria regarding the procedure for accessing and withdrawing funds from a defunct bank account. Despite the fact that next-of-kin is typically required when opening bank accounts in Nigeria, benefactors and next-of-kin are perpetually uncertain as to how to retrieve the funds of a deceased person from a bank account in Nigeria.
This will constitute the primary topic of discussion in this post. On occasion, living relatives and acquaintances amass enormous sums of money in banks. The intended beneficiaries of these funds are bereaved individuals and benefactors.
Nevertheless, individuals frequently inquire about pertinent matters, such as the procedure for accessing the bank account of their deceased parents or withdrawing funds from the bank account of a deceased relative. Each of the aforementioned and more will be discussed in this article. This article examines the operation of next of kin in Nigeria, with a particular focus on next of kin in banks.
How to Access a Deceased Person’s Access Bank Account by Next of Kin
As a consequence of unforeseen circumstances such as death, when opening bank accounts or establishing/acquiring investments, the next of kin is invariably required. The Nigerian populace has yet to adopt the custom of documenting testaments.
Consequently, disagreements abound regarding the estates, finances, and investments of deceased family members. However, in Nigeria, accessing and withdrawing the funds of the deceased from a bank is a constant source of concern for many bereaved individuals. Only the deceased’s next of kin or generous donors typically have access to the money they left in banks.
However, there are numerous procedures that must be completed prior to gaining access to the bank accounts of the deceased in Nigeria. The financial records of a deceased individual are called estate accounts. Consequently, inquiring about the process of accessing estate accounts in Nigeria is also pertinent.
How To Access / Withdraw Dead Person Money in Nigerian Bank
In the event of the demise of a bank account holder, their account transitions into an estate account. Access is granted solely to individuals designated as executors, benefactors, or next-of-kin to this account.
Individuals with this status are permitted to withdraw funds from a bank account in Nigeria subsequent to the demise of the account holder; do so from the deceased bank account.
The next of kin may proceed as follows to withdraw funds from the bank accounts of deceased family members:
1. Report To Bank
This initiates the process of recovering deceased individuals’ funds from Nigerian banks. The account holder’s loss should be formally reported to the bank or financial institution by the next of kin, benefactor, or administrator. The bank imposes limitations on the account denoted as “PND,” an abbreviation for “Place No Debit.” This guarantees that no funds will be removed from the account until an additional statement is issued.
2. Get Letter of Administration From Court
This is another step in recovering and gaining access to the deceased person’s bank account funds. The beholder or next of kin proceed to the Probate Registry, also referred to as a court, in order to procure legal authorization that grants them access to the bank accounts of deceased individuals in Nigeria. The court does this by issuing an “administration” document to the beneficiary or next of kin.
3. Serve Administration to Bank
At this juncture, the next of kin, benefactor, or executor proceeds to the bank and presents the legal substantiation (administration) obtained from the court to the bank or banks in order to obtain further unrestrictions and access to the deceased person’s bank account.
4. Payment of Deceased Money to Next of Kin / Benefactor
The banks, having been furnished with the legal backing, will proceed and pay or allow the next of kin to access the bank accounts of his or her deceased relatives or parents. There is a clause that states that if the money in the deceased bank account is below N50,000, the next of kin or benefactor will be paid over the counter.
However, if the amount is above N50,000, benefactors will be required to open an account known as an estate account. Upon successful opening of this account, the deceased’s money will be transferred to the estate account for the benefactor or next of kin to access as a signatory.
End Note on How to Access and Withdraw Money from Dead Person Bank Account in Nigeria
Sometimes, people find it difficult or cumbersome to access an estate account. If you don’t want to go through the rigors of getting money back from dead relatives for which you are a benefactor or next of kin, then you can easily hire the services of a lawyer. However, make sure there is a reasonable sum in the account to cover the legal service.
