Milton
Many people think that once someone dies, the family can just walk into the bank and withdraw the personβs money.
Big mistake.
By law, a bank cannot release money of a deceased person without the proper court papers (e.g., Letter of Administration or Probate).
Even if you are the first son, wife, or next of kin, you canβt just withdraw it.
Next of Kin is not automatic inheritance, it only shows who the bank should contact.
The law protects the money so that only the rightful heirs, through due process, can claim it.
Always plan your estate. Write a will, or your family may sΓΌffer unnecessary stress before touching your money.
Next of Kin no be ATM card. Court process must enter before family can touch the money.
Stella Justice
Legal and Marriage Clinic with Stella
