NEXT OF KIN IS USELESS IN BANKS: See Who Get Your Money After Your Death

By Abah Isaiah

The term "Next of kin" is refers to your nearest relation according to law, someone to be called upon in case of any eventuality. A next of kin can be a spouse, child, or relation. It should however be noted that a next of kin is not necessarily the person intended as a direct beneficiary of a deceased's estate or entitlement. A next of kin is the first contact point if anything happens to you, this person is empowered to make decisions for you in times of emergency, where you are not readily available or able to make the decisions yourself. 

So, if it happens and you die today, your "NEXT OF KIN" will not have access to the money in your bank account.

In our clime today, many think that their 'Next of Kin' is the automatic heir to their bank accounts. But it has been reveals that if a Next of Kin is not a signatory to your Bank Amaccount, and you do not have a written Will to determine that person's legitimacy, the person will not have access to that money in the bank account at all. Your Bank will have to go through a process called a LEGAL PROBATE.

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This Probate period helps them determine who gets the money in your account. This is a very lengthy and expensive process. Even after the whole process is done, your family will have to FORFEIT some very reasonable amounts of the money in the account 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 is to bring a "Death Certificate" to get that MONEY out.

So, 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.