What Happens To The Money In My Savings Account If I Die? - Business (2)

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What Happens To The Money In My Savings Account If I Die? - Business (2) - Nairaland

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Re: What Happens To The Money In My Savings Account If I Die? by AntiWailer: 4:02pm On Jul 07, 2016

U need a will.

Being next of kin does not automatically translate to being the beneficiary of the funds.

They will just call the next of kin for the next action.

Re: What Happens To The Money In My Savings Account If I Die? by Lexusgs430: 4:03pm On Jul 07, 2016

Your next of kin claims it

Re: What Happens To The Money In My Savings Account If I Die? by Dottore: 4:03pm On Jul 07, 2016

Nice one.

Re: What Happens To The Money In My Savings Account If I Die? by Lilprincey(m): 4:03pm On Jul 07, 2016

kingsman66:
my brother the heart of man is evil,thinking about what will happen to your account if you die is very annoying and devish.........please I advise you stop thinking towards that direction, you will live long and see your children children say Amen to that

Wats dis one saying? A minute can change bro

1 Like

Re: What Happens To The Money In My Savings Account If I Die? by MrTour: 4:04pm On Jul 07, 2016

OP when you die, i will go to the Bank and collect the money grin

Re: What Happens To The Money In My Savings Account If I Die? by palsenator(m): 4:04pm On Jul 07, 2016

People need to grow up and live outside the shadow of their parents. I saw some people saying I will or have used my dad/mum as next of kin. The point their is that YOU DONT USE SOMEONE OLDER THAN YOU AS YOUR NEXT OF KIN. Please take note. Back to the issue at hand .. Banks have a setup where they trace the next of kin after some years of inactivity on the bank . But if they are unable to trace such and of which banks rarely do,i think it somehow becomes theirs. Just my opinion.

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Re: What Happens To The Money In My Savings Account If I Die? by pointstores(m): 4:04pm On Jul 07, 2016

funny question see imagination

Re: What Happens To The Money In My Savings Account If I Die? by Tamakay(m): 4:05pm On Jul 07, 2016

darkenkach:
Chio! Thank God I saw this. My next of kin is my girlfriend and the future of the relationship isn't guaranteed. First thing on Friday I will be going to replace it with ma dad.

Hey where ever u are come and take care of my ribs. Looooooool

1 Like

Re: What Happens To The Money In My Savings Account If I Die? by AntiWailer: 4:05pm On Jul 07, 2016

HungerBAD:
I am not a Banker.

But this should be one of the most intelligent questions i have read on Nairaland.

In the Society i live in, everything you have anywhere in that Society goes to your next of kin automatically, and in the failure of you not having one, it goes into your Estate.

Don't know how it works in Nigeria.

The Bankers should enlighten us.

You need a will.

Ur next of kin will just be contacted when needed.

It does not mean he should have access to the cash

Re: What Happens To The Money In My Savings Account If I Die? by lonelydora: 4:06pm On Jul 07, 2016

Complete Nwa Afo Igbo, always thinking about money. grin

Your money is safe Bro.

Re: What Happens To The Money In My Savings Account If I Die? by pythonkid(m): 4:06pm On Jul 07, 2016

a typical igbo man ..

Re: What Happens To The Money In My Savings Account If I Die? by smileysmiley(f): 4:06pm On Jul 07, 2016

darkenkach:
Chio! Thank God I saw this. My next of kin is my girlfriend and the future of the relationship isn't guaranteed. First thing on Friday I will be going to replace it with ma dad.

chisos! do people really use bf and gf as next of kin

I thought it was a joke o

1 Like

Re: What Happens To The Money In My Savings Account If I Die? by chimoskyg(m): 4:06pm On Jul 07, 2016

Am presently working on my Late Mum, God Bless her gentle soul.
Much process at the court and the worst is that you are expected to pay 6% of the amount in the account.

2 Likes

Re: What Happens To The Money In My Savings Account If I Die? by BuddhaPalm(m): 4:06pm On Jul 07, 2016

dhardline:
It goes to your next of kin or the family member that comes to claim it with a letter.

A letter from who?

Re: What Happens To The Money In My Savings Account If I Die? by Nobody: 4:07pm On Jul 07, 2016

kingsman66:
my brother the heart of man is evil,thinking about what will happen to your account if you die is very annoying and devish.........please I advise you stop thinking towards that direction, you will live long and see your children children say Amen to that

I don't think so ogah....

The man is being realistic. I bet if you lived your life like death was at hand all the time you would make wiser decisions...... we shouldn't be scared of death, we should embrace it, it's inevitable.

@op, I think that's why they need your next of kin....

5 Likes

Re: What Happens To The Money In My Savings Account If I Die? by kolafolabi(m): 4:07pm On Jul 07, 2016

Bank will never come to meet your family if you die. Believe me they will not even know if you die. The best thing is your family to go and report to the bank and inform them about the lose. They will surely know the next of kin if they check their records. I pray you will not die young IJN

4 Likes

Re: What Happens To The Money In My Savings Account If I Die? by piratez: 4:07pm On Jul 07, 2016

Very nice post,my elder sis father-inlaw died accidentally leaving a very huge amount running into millions wit diamond bank like 3 yrs ago but up till now they hv nt been able to claim the money and my inlaw is an only child.

1 Like

Re: What Happens To The Money In My Savings Account If I Die? by mrsage(m): 4:08pm On Jul 07, 2016

kingsman66:
my brother the heart of man is evil,thinking about what will happen to your account if you die is very annoying and devish.........please I advise you stop thinking towards that direction, you will live long and see your children children say Amen to that

Interesting comment. Very emotional and full of sentiments.

By the way you did not answer the question. Questions deserve answers

Re: What Happens To The Money In My Savings Account If I Die? by DareFadi(f): 4:08pm On Jul 07, 2016

darkenkach:
Chio! Thank God I saw this. My next of kin is my girlfriend and the future of the relationship isn't guaranteed. First thing on Friday I will be going to replace it with ma dad.

.........lol

Re: What Happens To The Money In My Savings Account If I Die? by LarryBeryl(m): 4:08pm On Jul 07, 2016

kingsman66:
my brother the heart of man is evil,thinking about what will happen to your account if you die is very annoying and devish.........please I advise you stop thinking towards that direction, you will live long and see your children children say Amen to that

But guy, do you plan for anything in life? Cos I see nothing wrong in his thoughts o. Perhaps people that own money in banks don't wish to die. I bet you are that type of Nigerian that do not plan before venturing into things. Nice thoughts OP, genuine or not you have raised a question people will like to ask those bank officials.

3 Likes

Re: What Happens To The Money In My Savings Account If I Die? by chimoskyg(m): 4:10pm On Jul 07, 2016

That question is not bad at all after my experience am thinking of getting ATM Card for the account but shld be given to the next of kin to withdraw in the case of such event with the pin ooo.

Re: What Happens To The Money In My Savings Account If I Die? by banmee(m): 4:11pm On Jul 07, 2016

DY20:
I checked my account balance now; the figures I saw make me curious about what will happen to the money in my account if I die.
I opened this saving account with UBA 2011 when I started working. I opened it just to save some money so that I will be able to go to school. Yes I am going to school but I am still working. I think I and the bank are the only person that knows the details of my account balance.
These questions are just coming from nowhere.
As a common man and a common saving account owner: If I die, how will the bank know?
Does that mean that the money becomes bank's own if I die?
I can only remember filling the details of my next of kin (my mum) when registering the account: will they call if the bank noticed I have not been using the account because I have died?
Will my parents or relatives will able to claim the money if I die? (That's even if my mum knows that I have money in my bank account)

Bonus: is it even proper morally if my parents enquire about my account details from the bank? (What if na just like 10k dey dere?) coz I suppose it is the child that ought to collect his parent's wealth..

Please help me satistfy my this curious mind.. So that I will know if to, or not to give a tip to my mum about my bank account balance details. I am not ready yet o (neither am I prepared ornot scared) but I felt like death can come anytime.

Thanks for your contribution.

It goes to whoever you leave it for in your will. If you don't have a will, it goes to your spouse. If you don't have a spouse, It goes to your immediate family. If you don't have any immediate family that can be contacted, it then goes to the government. At least that's how it's done in normal societies.

Re: What Happens To The Money In My Savings Account If I Die? by ayooladee(f): 4:11pm On Jul 07, 2016

darkenkach:
Chio! Thank God I saw this. My next of kin is my girlfriend and the future of the relationship isn't guaranteed. First thing on Friday I will be going to replace it with ma dad.

Re: What Happens To The Money In My Savings Account If I Die? by Nobody: 4:11pm On Jul 07, 2016

darkenkach:
Chio! Thank God I saw this. My next of kin is my girlfriend and the future of the relationship isn't guaranteed. First thing on Friday I will be going to replace it with ma dad.

You're kidding right?.

2 Likes

Re: What Happens To The Money In My Savings Account If I Die? by LuveU2(f): 4:12pm On Jul 07, 2016

gistmeloveblog:

E Get Some Kain Money Wey Go Enter Your Bank Account, To Cross Road Go Dey Fear You. You Go Dey Find Pedestrian Bridge Up And Down !!!!

Abeg na people like you i dey find. U too funny die grin

Re: What Happens To The Money In My Savings Account If I Die? by MrD2: 4:12pm On Jul 07, 2016

kingsman66:
my brother the heart of man is evil,thinking about what will happen to your account if you die is very annoying and devish.........please I advise you stop thinking towards that direction, you will live long and see your children children say Amen to that

There is nothing wrong in having an idea of what happens to your asset when you are no more. Nothing is devilish nor annoying here.

That's how people think it devilish to write their will, and when they are no more, those surviving them kill themselves or start having issues over who inherits what.

I could remember sometime when I bought a portable fire extinguisher to keep in my house, a colleague of mine said I was a negative thinker.........that buying an extinguisher is an indirect way of praying for a fire outbreak in my home. Imagine such mentality.

OP, I think it is proper you let your next of kin (your mum in this case) know the bank(s) you bank with and how many accounts you maintain in each bank. She mustn't necessarily know the balance in the account(s).

My two cents.

3 Likes 1 Share

Re: What Happens To The Money In My Savings Account If I Die? by nanaman(m): 4:14pm On Jul 07, 2016

XtraSmooth404:
This your question eh
Imagine you die at a young age and single too, do you think the pain of your death will make your family remember your thousands of naira in the bank? Banks do have plenty of dormant accounts. Guess they are cases like this.

Kuku withdraw the money and put in your echolacc box at home, your younger bro can easily find the money there

Sacarstic

Re: What Happens To The Money In My Savings Account If I Die? by GANDALF1(m): 4:15pm On Jul 07, 2016

Very simple.

Several things can happen to the money in your savings account when you die and they are listed below:
1. It will be claimed by your beneficiary through probate if you die without a will or inte state,
2. It will be distributed to your beneficiar(y/ies) if you left a will behind and it is executed by your appointed administrator,
3. It will stay in your account for ever until the government asks for it (Banks renders a report of dormant account to CBN monthly).

Now, if you choose to be secretive about your financial affairs, I will advice you to keep an evidence of your bank accounts relationship amongst your educational/important credentials so that your relatives/ beneficiary will see them upon your demise.

But I always advise people to toe the line of having a will as soon as possible (preferably, once you get married). This will can be updated say once in 5 years until one is no more. Its cheaper and reduces the confusion thats sets in with case 1 above. In that case, you would have properly appointed a lawyer or notary to share/execute your properties accordingly you are no longer there. Also, the tax you pay to the government in this case is smaller than case 1 above.

if you chose to follow the path of no will as in case 1, then you leave the funds in your account to the mercy of the strongest/most knowledgeable person in your family and most times, these individuals are the most wicked. The procedure to follow in such cases are outlined below:
A. Go to a government registered hospital and obtain a valid death certificate in respect of the individual. The court will normally ask for the Nigerian population commission type of certificate.

B. Take the certificate to any court premises and ask for the probate office or registry.

C. Submit the certificate there and pay the necessary fees and apply for administration for the deceased estate/properties. The probate will then give you a letter of confirmation for the estate.

D. Take the letter to all the banks you suspect or is aware the deceased had an account including financial houses/stockbrokers. They will oblige you with the deceased financial standing with them as of that date. This process normally takes about a week or two as the finance houses will confirm the authenticity of your confirmation letter from the court.

E. Return the confirmations from the banks to the probate registry. They will add up the deceased financial balances as of the date of your enquiry and apply the necessary charges to the total of it. It is worthy to note that part of the charge will be a mandatory 10% of total balance to be given to the federal government. You will then be asked to go make in payment in bank.

F. After making the payment, take the teller back to the registry and the paper work will be concluded for you to be the administrator/official sharer of the person's estate of properties. You will be given an official letter of administration.

With this letter of administration, go back to all the banks and brokers. You will either be given a draft for the balances or asked to open an estate account with you as the signatory (the choice is yours)

Finally, if you are too secretive and didnt leave any record of your financial relationships, your money will be holed up in ur account, which will definitely go dormant after sometime and will add up to the statistics of existing dormant accounts disturbing CBN.

Gracias

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Re: What Happens To The Money In My Savings Account If I Die? by nintal(m): 4:15pm On Jul 07, 2016

Use it and buy an expensive plot over there..

Re: What Happens To The Money In My Savings Account If I Die? by Nobody: 4:15pm On Jul 07, 2016

In most cases I have seen in naija, the banks don't release the money,it turns to bank money

Re: What Happens To The Money In My Savings Account If I Die? by grace008: 4:16pm On Jul 07, 2016

What do you need saving for. Use your money to make money. Tell me any Billionaire that has a savings account?

1 Like

Re: What Happens To The Money In My Savings Account If I Die? by dhardline(m): 4:17pm On Jul 07, 2016

BuddhaPalm:

A letter from who?

It should be from the court.just to prove the relationship between the claimer and the dead and that the claimer is the person taking over the dead persons estate.

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