People die. That is something beyond our control. But what we can master is our succession planning. One challenge that family members face after the demise of their loved one is the recovery of their property from banks – what is rightfully theirs (hopefully). The deceased family member would inevitably have opened various bank accounts and have at least some basic financial assets. Although succession to these should be straightforward, in many cases heirs are forced to run from pillar to post to seek what is rightfully theirs.
Although these difficulties are faced by practically every family, few people organise their estate in a manner that facilitates smooth succession and inheritance. In this article, therefore, we discuss the process for recovery of monies from banks after the demise of an individual account holder, and suggest some practical means by which the process may be smoothened.