grace008:
What do you need saving for. Use your money to make money. Tell me any Billionaire that has a savings account?

What are you saying? Even billionaires pay themselves salaries. The question is, where do the salaries go?

Are u having HIV/AIDS or CANCER, this one your thinking this way

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

. Didn't you clearly read what he said. Didn't he denounce what he said? Wasn't he presuming a situation everyone is bound to experience? He was simply being hypothetical. Religion is truly the opium of the masses.

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.

hahahahahahahahahhhhhaaaaaahaaaa

Johnrake69:

In the case of your demise, the bank can only release your funds to your beneficiary on the execution of your registered will or in the absence of a will, through a letter of administration to be obtained through the probate office.

Thanks for informing us, pls how much does it cost to obtain a probate letter from the probate office? Because a friend lost his brother but when the family went to obtain a probate letter from the office they where asked to pay #200,000 meanwhile the money in the account is not up to 150,000. And secondly, I learnt getting such letters take time. I stand to be corrected, enlighten us more.

Tinyemeka:


Educate me. Which saner society? How does it return back to the government? On what basis?

Wills and Intestate Laws
A last will and testament dictates who inherits a deceased person’s assets, including bank accounts if they are mentioned in the will. The will undergoes probate, taxes are assessed and the executor distributes the assets. A person who does not leave a will has died intestate. If no other provisions were made regarding the bank accounts, the state determines beneficiaries using its intestate laws. The probate court assigns an administrator who distributes all of the assets, including bank accounts, using the list of heirs in the state’s statutes of descent. The list begins with the closest living relative of the deceased person and continues through the line of descent. Under state laws, the bank might be required to send the funds to the state’s unclaimed property office if the rightful owner cannot be located.

http://budgeting.thenest.com/happens-bank-accounts-someone-dies-26027.html

Thats the purpose of a WILL.. dont know of naija but based on UK law, the probate value of your estate will be shared among those you have authorised them to be shared to. A part of it will be subject to taxation after deducting necessary liabilities or expenses like funeral expenses. Some legacies will be exempt from tax tho. (e.g the part of ur estate u are giving to ur spouse or civil partner or even charity).

I dont however know how it is done for someone who has no WILL. It will possibly be given to the next of kin if he/she tenders certain proofs of the relationship between them.

musicwriter:

The author didn't say he feel he will die. He said he's just being curious.

For your information, it was people who thought this way (philosophers) like Aristotle, Plato, Humes, Pythagoras, e.t.c that birthed science to produce your mobile phone, airplane, ships, cars, TV, radio. Name them!.

Without this type of thought humanity will still live in caves.

You need to upgrade your thought process as a matter of urgency.

sarcastic truth.

ezelos:
. Didn't you clearly read what he said. Didn't he denounce what he said? Wasn't he presuming a situation everyone is bound to experience? He was simply being hypothetical. Religion is truly the opium of the masses.

Karl Marx

murphyrichy:
Thanks for informing us, pls how much does it cost to obtain a probate letter from the probate office? Because a friend lost his brother but when the family went to obtain a probate letter from the office they where asked to pay #200,000 meanwhile the money in the account is not up to 150,000. And secondly, I learnt getting such letters take time. I stand to be corrected, enlighten us more.

corruption stinks in Nigeria. I dont know the actual amount, but for sure, that cannot be the set amount.

grace008:
What do you need saving for. Use your money to make money. Tell me any Billionaire that has a savings account?

No billionaire will be so stupid to forfeit all liquidity for profitability. While it is good to invest with the likelihood of being profitable, not having cash in hand or at bank will ruin every operation you have currently.

You can Read on Karl Max's "Reasons/Motives of Holding money"

franciskaine:


Wills and Intestate Laws
A last will and testament dictates who inherits a deceased person’s assets, including bank accounts if they are mentioned in the will. The will undergoes probate, taxes are assessed and the executor distributes the assets. A person who does not leave a will has died intestate. If no other provisions were made regarding the bank accounts, the state determines beneficiaries using its intestate laws. The probate court assigns an administrator who distributes all of the assets, including bank accounts, using the list of heirs in the state’s statutes of descent. The list begins with the closest living relative of the deceased person and continues through the line of descent. Under state laws, the bank might be required to send the funds to the state’s unclaimed property office if the rightful owner cannot be located.

http://budgeting.thenest.com/happens-bank-accounts-someone-dies-26027.html

Yours is in the state of Ohio. The onus lies on the probate court (by extension the administrator) to prove that all actions have been exhausted in searching for a living relative.

Excerpt:

5. WHAT HAPPENS IF THERE IS NO WILL?

If someone dies without a valid will, he or she is “intestate.” [b]Even if the decedent dies intestate, his or her probate assets are almost never turned over to the State of Florida. [/b]The state will take the decedent’s assets only if the decedent had no heirs. The decedent’s “heirs” are the persons who are related to the decedent and described in the Florida statute governing distribution of the decedent’s probate assets if he or she died intestate.

If the decedent died intestate, the decedent’s probate assets will be distributed to the decedent’s heirs in the following order of priority:
If the decedent was survived by his or her spouse but left no living descendants, the surviving spouse receives all of the decedent’s probate estate. A “descendant” is a person in any generational level down the descending line from the decedent and includes children, grandchildren, and more remote descendants.
If the decedent was survived by his or her spouse and left one or more living descendants (all of whom are the descendants of both the decedent and his or her spouse), and the surviving spouse has no additional living descendants (who are not a descendant of the decedent), the surviving spouse receives all of the decedent’s probate estate.
If the decedent was survived by his or her spouse and left one or more living descendants (all of whom are the descendants of both the decedent and his or her spouse), but the surviving spouse has additional living descendants (at least one of whom is not also a descendant of the decedent), the surviving spouse receives one-half of the probate estate, and the decedent’s descendants share the remaining half.
If the decedent was not married at his or her death but was survived by one or more descendants, those descendants will receive all of the decedent’s probate estate. If there is more than one descendant, the decedent’s probate estate will be divided among them in the manner prescribed by Florida law. The division will occur at the generational level of the decedent’s children. So, for example, if one of the decedent’s children did not survive the decedent, and if the deceased child was survived by his or her own descendants, the share of the decedent’s estate which would have been distributed to the deceased child will instead be distributed among the descendants of the decedent’s deceased child.
If the decedent was not married at his or her death and had no living descendants, the decedent’s probate estate will pass to the decedent's surviving parents, if they are living, otherwise to the decedent's brothers and sisters.
Florida’s intestate laws will pass the decedent’s probate estate to other, more remote heirs if the decedent is not survived by any of the close relatives described above.

https://www.floridabar.org/tfb/TFBConsum.nsf/48e76203493b82ad852567090070c9b9/92f75229484644c985256b2f006c5a7a?OpenDocument

death is not portion now by the grace of God, just be opened to your parent about bank detail if it is an huge amount of money meanwhile try to assist those people in need mostly your trust worthy siblin, wife and others. no one knows the time but we pray to live long. May God guide you alright.

D best way to do is to inform ur next of kin of all d accounts you use him/ her, and try to have a standby will.

Am I the next of kin in all my father's documents and when he died I approached wema bank and some other financial institutions to claim aall he has with them. But unfortunately I was unable to retrieve most of them. For instance the old man has less than 50k in his wema savings acct but wema asked me to produce too many docs like copy of newspaper publication of his demise, etc. When I estimate all that will be spent and the time factor I might be left with virtually nothing. So I bone the money and face his shares...

DY20:
Amen to your prayer sir.. But I don't think my thinking is devilish. In stead, see me as a young man that is thinking of the wellness of his family in case he dies. If such thinking is annoying and devilish, then why do people write wills.

Don't mind him... Its not a devilish thinking. My Dad is my next of kin. Same thing happened when my elder sister died. She had close to 150k in her account and my mum was her next of kin.
We went to bank simply, we were told to produce death certificate and see a lawyer who would put us through the process and a valid identification for my mom which was done. The bank would give a form to fill also and ask other personal details...
The lawyer charged us just #6,000. And all of the stuffs the bank asked for was presented including death certificate and valid identification for my mom with a valid signed note from an high court magistrate.
It was a rigorous process because I handled it myself but I had a friend who works with the bank and he helped facilitate the process.
The lawyer would take you to court where questions would be asked from you and after that, your money would be given to you. The bank would remove a 10percent deduction though.

I hope have helped with my own personal encounter.

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

Can you imagine our African religious mind? Must we always add religion to everything? People please plan, anything can happen. No one is praying for death though.

Tinyemeka:


Yours is in the state of Ohio. The onus lies on the probate court (by extension the administrator) to prove that all actions have been exhausted in searching for a living relative.

Excerpt:

5. WHAT HAPPENS IF THERE IS NO WILL?

If someone dies without a valid will, he or she is “intestate.” [b]Even if the decedent dies intestate, his or her probate assets are almost never turned over to the State of Florida. [/b]The state will take the decedent’s assets only if the decedent had no heirs. The decedent’s “heirs” are the persons who are related to the decedent and described in the Florida statute governing distribution of the decedent’s probate assets if he or she died intestate.

If the decedent died intestate, the decedent’s probate assets will be distributed to the decedent’s heirs in the following order of priority:
If the decedent was survived by his or her spouse but left no living descendants, the surviving spouse receives all of the decedent’s probate estate. A “descendant” is a person in any generational level down the descending line from the decedent and includes children, grandchildren, and more remote descendants.
If the decedent was survived by his or her spouse and left one or more living descendants (all of whom are the descendants of both the decedent and his or her spouse), and the surviving spouse has no additional living descendants (who are not a descendant of the decedent), the surviving spouse receives all of the decedent’s probate estate.
If the decedent was survived by his or her spouse and left one or more living descendants (all of whom are the descendants of both the decedent and his or her spouse), but the surviving spouse has additional living descendants (at least one of whom is not also a descendant of the decedent), the surviving spouse receives one-half of the probate estate, and the decedent’s descendants share the remaining half.
If the decedent was not married at his or her death but was survived by one or more descendants, those descendants will receive all of the decedent’s probate estate. If there is more than one descendant, the decedent’s probate estate will be divided among them in the manner prescribed by Florida law. The division will occur at the generational level of the decedent’s children. So, for example, if one of the decedent’s children did not survive the decedent, and if the deceased child was survived by his or her own descendants, the share of the decedent’s estate which would have been distributed to the deceased child will instead be distributed among the descendants of the decedent’s deceased child.
If the decedent was not married at his or her death and had no living descendants, the decedent’s probate estate will pass to the decedent's surviving parents, if they are living, otherwise to the decedent's brothers and sisters.
Florida’s intestate laws will pass the decedent’s probate estate to other, more remote heirs if the decedent is not survived by any of the close relatives described above.

https://www.floridabar.org/tfb/TFBConsum.nsf/48e76203493b82ad852567090070c9b9/92f75229484644c985256b2f006c5a7a?OpenDocument

you are getting it all wrong friend. I need remind you of the crux on which we quoted each other - "in saner societies, when no one lays claim to such money, it returns to the govt and not the bank. It's illegal for a bank to take what does not belong to it." My point of emphasis here is premised on a situation whereby no one lays claim to such property, what happens in such scenario? Does the bank or the govt take over such property?

In societies like ours whr corruption is the order, the bank conceals such details and ponder on such money, but in advance societies whr financial checks and good ethical standards come into play, the society(govt) takes over as stated in the link I cited.

Addendum :[/b]The state will take the decedent’s assets only if the decedent had no heirs. This is from ur link. Thanks anyway.

Dething:


Can you imagine our African religious mind? Must we always add religion to everything? People please plan, anything can happen. No one is praying for death though.

Don't mind their foolish thinking. Like prayer stops us from dying. Prayer only prolongs our date date. Its good to plan ahead. My mom knows my atm pin in case anything happens to me. Its just precautionary measure... I don't have power over death... No one does!

Stanbic IBTC Bank is the solution to all your problems. you can write a simple will and keep with us. The simple will covers all the money you have in ur accounts with all banks and also all d cash you ve in ur RSA, such that if anytin happens, the money goes to all d beneficiaries you have written in your will. If interested, send me a mail.

Even if he lives a thousand yrs, he will still DIE! That applies to u too.

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

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 can't make some1 who older than you ur next of kin!

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 can't make some1 older than you ur next of kin!

Ayomide93:
Don't mind him... Its not a devilish thinking. My Dad is my next of kin. Same thing happened when my elder sister died. She had close to 150k in her account and my mum was her next of kin.
We went to bank simply, we were told to produce death certificate and see a lawyer who would put us through the process and a valid identification for my mom which was done. The bank would give a form to fill also and ask other personal details...
The lawyer charged us just #6,000. And all of the stuffs the bank asked for was presented including death certificate and valid identification for my mom with a valid signed note from an high court magistrate.
It was a rigorous process because I handled it myself but I had a friend who works with the bank and he helped facilitate the process.
The lawyer would take you to court where questions would be asked from you and after that, your money would be given to you. The bank would remove a 10percent deduction though.

I hope have helped with my own personal encounter.

God bless you sir.. Advice comes easy from an experienced person.. You just give me a significant answer I can relate with. Thanks.

ichomi:



In the time past ur next of kin will claim ur money if you die. (trust me they will go through a hell of processes).

But now with the introduction of atm and mobile banking its easier to pull out ur money if u die..... U just need 1 person to kw ur pass/pin.

The bank wont kw u have died if nobody tells them, they might suspect because u havent withdrew money from the account for long but experienced has taught them not to tamper with peoples money if when they havent come in 10yrs.

But then thats how most of them enrich themselves..... Most especially ur account officers..... They can transfer money if they are aware the owner is dead. (its still an offence thought)

I really don't feel like death is coming (though it is something everyone should expect).. The idea of the ATM have just occured to me.. I will stylishly let my Mum know my ATM password. I will encode it in such a way that she will remember after so many years.. That will do more benefit as that doesn't mean she will know my account balance details. Thanks.

moshino:


Once you die, your surviving family members will search you, your room/house, they will search everything and everywhere you left something, they will even call all your friends to find out if any of them owes you money, and they'll definitely find your bank account info, all of them. Then they'll take your death certificate, and evidence that they're related to you, then they'll go to your bank and collect the money and share it among themselves. Some of them will use their share to drink, eat peppersoup/bushmeat etc. and some of them will use their share to chase girls and buy new phones etc.

I don't mind the bolded... I don't know what happens in heaven but my wish on earth is make life comfortable for my family.. Although what I left in my account is not something that will bring the comfort I dream of, but at one point, I will give joy to someone.

janvier27:


This will be wrong. The bank is under obligation to stop all activities on that account once they have notice of death of the account owner. If to save the bank wahala, the account owner could have prepared a Will and named the next of kin as executor.

once they have notice you said. So if for health reason you are unable to go the bank, and someone need money to help you, you also inform the bank?

pythonkid:
a typical igbo man ..

I am a Yoruba man.

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......

You are being fake and unreal.

GANDALF1:
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

Beautiful! You just cured my confused mind..

Stevosty:
once they have notice you said. So if for health reason you are unable to go the bank, and someone need money to help you, you also inform the bank?

Nope. It's death that canceis mandate.

Johnrake69:
Very interesting question I must say, and I will like to correct a wrong notion among average Nigerian with respect to the next of kin and how it relates to your assets, before I address your question based on my little experience in financial services.

Many people confuse next of kin to mean beneficiary. This is incorrect, although, your next of kin can also be your beneficiary. Next of kin is simply the person to reach out to in your absence, and as such, it should be an adult, preferably a close relation. And your beneficiary is the person you are giving the right to take over your assets when you're no more.

Now, back to how it relates to your bank account. The next of kin column you filled in your account opening form has nothing to do with handing over your assets. It's simply a record the bank keeps to reach to someone close when it's been impossible to reach you their client.
In the case of your demise, the bank can only release your funds to your beneficiary on the execution of your registered will or in the absence of a will, through a letter of administration to be obtained through the probate office. The later option means the asset will be liable to tax.

Note: this is based on my little experience in the financial services.

The learned fellows in the house can add or correct me if am wrong.

Seriously on point bro. I am a banker and you are 100 percent right!