Many are of the errorneous impression that once you have a next of kin on your form in the bank, you can go home and sleep. How wrong they can be because trouble actually starts for your family, if you die intestate.
There are quite a number of reasons why people despite knowing this still avoid writing a Will.The major reason for many is the fear of attracting the death, they are working hard to prevent,at least,not so early in life.
Some consider it as an evil omen knocking on the door of death,if they should write a Will.Some are however scared of a beneficiary becoming a villain and fasttracking their death.
But the painful thing to know is that if one dies today, the “Next of Kin” will not have any access to the money in his account.
So many Nigerians think that their next of Kin is the automatic heir to their accounts.
But the TRUTH is that if your Next Of Kin is not a signatory to your account, and you don’t have a written will to determine that person’s right to your money, the Person will not have access to your money,despite being your next of kin.
When someone dies without a Will, intestate, their property (assets) is distributed according to state or national laws of intestate succession, not according to the deceased person’s wishes.
These laws dictate who inherits the assets and in what proportions, often resulting in a predetermined formula for distribution based on next of kin.
The Consequences of dying intestate, without a Will include : Loss of control over asset distribution, the deceased has no say again in who receives his property.
There is an application of specific laws: A statutory formula determines how the assets are divided, which may not align with the deceased personal wishes or be the most practical distribution.
Of course, there is increased time and costs involved in the process of administering an intestate estate because it can take longer and be more costly than if the person had a valid will.
The most worrying aspect is Impact on loved ones, because the family and friends may face financial and emotional burdens as they deal with the complex legal processes without the deceased person’s clear instructions.
So what happens when a person dies intestate is that the Bank will have to go through a process called A legal probate.
This Probate Period helps them determine who gets the money in the account. which could take time and expensive.
‘Even after the whole process is completed, the family will still forefeit some reasonable amount of the money for legal fees.
Though many Africans find it discomforting, even the thought of it, but to save your family the stress when the person dies, while alive, simply request from your Bank to give you something called a POD Form. POD stands for “PAYABLE ON DEATH”.
The Name of The person you fill in that POD Form will determine who will get your money. All the person needs to bring Is a Death Certificate to get that money out.
With a POD Form, you will save your family the stress of going through all that Lengthy Legal Process and even losing some money to the Law.
