The term ‘next of kin’ is used to describe a person’s closest living relative(s) who can be contacted in case of any eventuality. Large parcels of land have been reported by the Unclaimed Financial Assets Authority (UFAA) as unclaimed. This means that there is a great possibility that the deceased owners passed on without disclosing ownership of such properties to their family members or never indicated a next of kin, or if they did, they failed to provide contact information.
When acquiring land at Optiven, we require you to provide a next of kin and their contact details when filling in our online offer letter. This is particularly helpful as it:
i) Determines inheritance rights
This means that if you disclose your land ownership, your family will be aware of the same and will benefit from the land in the unfortunate eventuality of death. It also makes it easier for Optiven to contact your family in your absence.
ii) Guarantees maximum utilization of your land
The land will benefit your beneficiaries who might put into the use they deem fit. This is much better than leaving the land as an unclaimed asset that will not be put into any proper use all because no next of kin was provided.
Procedure
At Optiven, in the unfortunate event of death, the next of kin is required to provide their national identity card, death certificate of the deceased and confirmation of letters of administration if the deceased died without a will or confirmed grant of probate if the deceased died with a will. If the property was paid for in full but transfer has not occurred, Optiven will assist with the transfer to the beneficiary/next of kin. However, if the property is not paid for in full at the time of death of the deceased, the next of kin has an option to continue with payments of the plot and if they decide otherwise, we shall refund the monies and retain 10% of the purchase price.
Go on and make that choice today to pick a next of kin and inform them of the land that you are purchasing or are in the process of purchasing.
Did you know that this October, we’re celebrating Our Heroes, for every investment of KES 910K you make with Optiven, we shall celebrate you too with a 10K CASHBACK.
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Contact Optiven Group
Tel: 0715 399 468
Email: jiwezeshe@optiven.co.ke
Website: https://www.optiven.co.ke
Next Of Kin Explained-Important for Unclaimed Financial Assets
