Importance of Next of Kin Information in Property Investments

Most people disregard the necessity of providing next of kin information. This often results in in a huge number of unclaimed property in Kenya. A number of these are mostly due to the unfortunate demise of the buyer without disclosing ownership of their properties to family members. Others do not indicate a next of kin, or if they do, they fail to provide accurate next of kin’s contact information or update it to have the current information. This has left large tracts of land unoccupied throughout the country, and many properties unclaimed.

When writing personal information requested by banks, government, employers, and even real estate agents, it is important to identify a next of kin. This ensures that someone will oversee your assets in case you are not around. A next of kin can be one’s closest living relative, spouse or a trusted individual that can be contacted in case of an emergency. Their details to be included in your documents are, official names, identification number, postal address, phone number and their relationship to you. These details are very important in land ownership.

Below are some of the reasons why you need a next of kin when making land investments.

Protects your investment in case of your absence

Indicating who your next of kin is and making it known helps in having someone you trust who will make good use of your land in the unfortunate event you die to ensure your dependents are well taken care of.

Helps in determining inheritance rights

We have heard numerous accounts of properties that have been lost due to protracted legal disputes over the distribution of wealth among family members. In the unfortunate event of your passing, naming your next of kin ensures smooth transition of your assets to your dependents and family members.

Makes decisions on your behalf

In the event of illness or death, your designated next of kin will have the authority to make wise and advantageous decisions on your behalf. They have the authority to determine who will inherit your property and even how it will be used to benefit your dependents.

Investing with companies such as Safaricom Investment Co-operative who encourage investors to update their next of kin details guarantees you that there is someone who will take good care of your investments when you are not able to.