What is the significance of next of kin in financial dealings?

[Fidelia]

My bank states that customers must always update and verify their next of kins listed for their bank accounts. Of what importance is next of kin for financial dealings? Do you have a next of kin listed to your bank account?

 

[Augusta]

Next of kin means a person who can ensure that the proper steps are taken towards the recovery of the money held at the bank at the demise of the owner.

 

[King Belieal]

Your next of kin as related to finances is the one that the bank recognizes to lay claims to money a dead person has left behind.

 

[eLdavis]

A next of kin serves as a point of contact incase there is any emergency, and they need to reach someone close to you.

 

[Nomad]

This is usually to transfer your money or asset in a situation when you die. This is something like will.

 

[Augusta]

In case of the account holder's sudden incapacitation or death, the bank can contact the next of kin to ensure proper procedures are followed.