The Lagos State Attorney General and Commissioner for Justice, Mr Moyosore Onigbanjo (SAN), has urged relatives of deceased persons to take steps early towards obtaining letters of administration for the transfer of their assets.
Onigbanjo noted that relatives have to, within one month after death, obtain the letter to access funds in the deceased’s bank accounts.
According to him, a bank account becomes dormant and inoperable six months after the demise of the owner, stressing that unnecessary delay makes the process of accessing such a bank account cumbersome.
Onigbanjo gave the advice at a stakeholders’ roundtable discussion, with the theme, ‘The issues with wealth transfer process under the court supervised system in Nigeria.’
According to a statement on Sunday, the attorney general was represented at the event by the Lagos State Administrator General and Public Trustee, Mrs Omotola Rotimi.
“Another issue is that of tracing the assets of the deceased. A deceased, during his lifetime, may acquire assets without informing the immediate family members,” he added.
The statement also quoted him as advocating an upward review of the current flat rate of duty imposed generally on all estates from N100,000 to N1m.
– Punch