Estate account: 6 steps to access a dead person’s money in Nigerian bank
Estate account – Estate is a term in banking which usually refers to the account of a deceased person, this account is usually managed by a person known as the executor or the beneficiary as contained in the Will of the deceased, or as culture demands where a written Will is not available.
This post will answer the following questions
- Withdrawing money from deceased bank account
- Next of kin banking right
- How do banks find out someone has died
- How to withdraw money from bank account after death
HOW TO CLAIM A DEAD PERSON’S MONEY IN NIGERIAN BANK
Once a relative dies affluence or not, it is customary that the beneficiary of such person makes necessary move to reclaim his/her money and other belongings in the bank where necessary.
This is a regular practice in Nigeria and Africa and world over, that sometimes see families having serious issues accessing wealth of a deceased relative especially on who gets what.
The first thing you’re expected to do once you lost a loved one where necessarily you’re an executor or administrator or beneficiary by Will or heir apparent traditionally, is to report to the deceased banks where she he/she operates with arrays of banks. Make a formal report, why are you doing this, this is to enable the bank to place a clause called “PND” on the deceased account immediately, which stands for Place no debit. This is to debar anybody from making any kind of withdrawal from this account.
You proceed to the court usually known as probate registry, why you’re going to the court is to obtain a legal authority that will enable you to access the deceased funds in his/her bank account. This legal authority is called “LETTER OF ADMINISTRATION.”
A Letter of administration is a written authority given to a person called the executor by a probate registry/court, giving such person(s) the right to access or lay claims to a deceased funds in his/her bank account, properties or other investments as owned by the deceased or dead person.
You can read my article on how to obtain a letter of administration by clicking HERE to be properly guided on the A to Z without any mistake.
Having gotten the letter of administration from a probate registry, kindly proceed to the bank with this letter, present it to all the banks where the deceased bank accounts are domiciled. The banks will receive the letter and commence operations on it towards releasing the funds.
If the money in the deceased bank account is N50k and below, you will be paid across the counter, but if it’s above N50k, you will then be required to move to step 5.
You will be required to open an account called “Estate account” refer to the meaning of this account I explained in the first paragraph of this article.
Once the Estate account is being opened, the whole money in the deceased account will be transferred to this account without further delays, then you can access it from there as a signatory.
Example: Say you are pursuing a cause of a deceased relative named Maduka. The name of the account will be Estate account of Maduka or Estate of Maduka as the case may be. Also see this HERE for more
Accessing a dead person’s account had posed arrays of challenges in Nigeria, however, to have a smooth Estate account and operation in Nigeria, it’s advisable you employ the services of a lawyer. One more thing, “do not forget to send my own share of the money,” “winks”. Thank you for being here, ask your questions and help a friend by sharing this post.
Raphael is a seasoned and dynamic writer, with interest in Banking, personal finance, entrepreneurial development. A councillor and motivational speaker.