Who Should Be Your Next of Kin

 

When people hear the words “Next of kin”, the first thing that comes to mind is; the person who will get all my money if something unexpected happens to me.

But that’s not exactly what being a next of kin entails. Before we get into who should rightfully be entrusted with being a next of kin in various situations, let’s understand it’s meaning.

A person’s next of kin is his/her closest living relative through genes or legal relationships. The NOK is entrusted to make decisions in a situation where the individual is unable to make decisions by themselves.

 The next of kin is dubbed with the responsibility to make decisions in the best interest of an individual.

The specifics determining NOK varies from country to country. Next of kin may not be related by genes or marriage in some countries, however some countries legally recognize only relatives, spouses, children as a NOK.

In medical emergencies where a person is unable to make decisions , a next of kin participates in medical decisions made by medical personnel, subject to laws of the jurisdiction.

Someone’s next of kin has no automatic rights to inheritance. A legal will takes precedence over the inheritance rights of a NOK.

Retirement funds, insurance policy payouts and the likes of it, goes to stated beneficiaries and not to the next of kin.

However, in some cases a next of kin may be eligible for inheritance when there is no legal will available.

A will which is properly executed takes precedence over a next of kin.

For inheritable properties, the first person in the inheritance strata is the Spouse. In a situation where there’s no legal will, the Spouse is eligible to inherit all assets. Irrespective of whether or not they are stated as NOK. Except there’s a postnuptial agreement.

With this being known, it is proper to make an informed decision of who may be stated as your next of kin.

For husbands, would you likely state your wife, mother, children or siblings as your next of kin ?

Wives, who would you readily entrust as your next of kin?

In general terms, who is best bestowed with the next of kin position according to your personal life and status?