Many Nigerians think that their next of kin is the automatic beneficiary to their bank account. But the fact is, if your next of kin is not a signatory to your bank account, and you don’t have a written will to state that person’s legitimacy, then, the person will not have access to that money at all. Your bank will be left with no choice but to go through a process called a LEGAL PROBATE.
HOW DOES IT HELP?
The probate period helps them determine who gets the money in your bank account. This is a very lengthy and expensive process. Even after the process is done, your family will have to forfeit or spend some very reasonable amount of the money for legal processes.
To avoid this, simply request your bank to give you something called a “POD” form. POD stands for PAYABLE ON DEATH. The name of the person you want to use as your next of kin will be written in that POD form which will give him or her full access to the money in your bank account after your demise. All the person needs to do is to bring a death certificate to get that money out.
With the POD form, your family will not have to go through all that stressful and lengthy legal process and even losing some money in the course.
Remember to share. Please!!!
Its important you read How to Check Your NIN Date of Birth for Free