A Nigerian man, known as @moderate_ustaz, has brought attention to the questionable practices of certain Nigerian banks regarding the inheritance of funds from deceased bank account holders and the role of next of kin.
In his revelations, he dispelled the widely held belief that next of kin automatically inherit the money in the deceased's accounts, emphasizing that it is untrue and misleading. Instead, he exposed the dubious practices of certain Nigerian banks, urging people to take proactive measures to secure their finances for their loved ones.
According to @moderate_ustaz, when a bank account holder passes away, Nigerian banks do not simply grant access to the money to the next of kin without proper verification.
Contrary to popular belief, banks go through a legal probate process to determine the rightful beneficiaries of the deceased’s accounts.
This process can be both lengthy and expensive, leading families to forfeit portions of the money to the banks when the probate is finally completed.
To outsmart the banks and ensure that their hard-earned money is rightfully inherited by their loved ones, @moderate_ustaz offered some valuable advice.
Firstly, he emphasized the importance of having a written will. A will is a legally binding document that specifies how a person’s assets, including bank accounts, should be distributed after their passing.
Additionally, the man advised individuals to make their next of kin signatories to their accounts. This means that the designated next of kin will have access to the account during the account holder’s lifetime and will continue to have control over it in the event of their passing.
Furthermore, the man recommended requesting a Payable on Death (POD) form from the bank. A POD designation allows the account holder to name a specific person who will gain immediate access to the account’s funds upon presenting a valid death certificate.
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