UMB Bank has officially introduced the UMB Legacy Care Plus, a pioneering financial product designed to transform how individuals manage and distribute their assets after their demise.

As the first solution of its kind on the Ghanaian market, the product provides a structured, legally backed framework for estate planning, ensuring that a person's final wishes regarding their wealth are honoured.

The product addresses a critical gap in the financial sector by offering a flexible way to handle asset distribution.

During the official launch, Edem Knight-Tay, Head of Corporate Banking at UMB Bank, emphasised that the service is curated for any individual aged 18 and above, regardless of their economic background.

“You don't have to be rich; all you need is to prove that you own a property. Whether you are in Accra, Paga, Aflao or Techiman, this service or product is for you. We know that people are dying interstate in this country. We've seen a lot of people suffer because their guardians or family members who cater to them didn't plan the distribution of their wealth after death. So, this product seeks to fill that gap,” Edem Knight-Tay stated, highlighting the inspiration behind the curation of the UMB Legacy Care Plus.

UMB Bank prioritises convenience by making the Legacy Care Plus accessible through multiple touchpoints, including the official UMB Bank website and the UMB SpeedApp, the bank’s mobile app. Patrons can also access the service through customer call centres and the bank’s branches dotted across the country.

Head of Registrars and Wealth Management at UMB, Niine Inkumsah Sarpong, assured customers that the service will be managed by solicitors from the Registrars and Wealth Management department of the bank, allaying concerns regarding potential legal implications.

“For UMB Legacy Care Plus, we will use our lawyers to help you through the process, offering all the legal advice you need," Sarpong said.

Processes and requirements

“Just like another will, the UMB Legacy Care Plus, requires information about the testator and proof of their assets or properties, that is the person preparing the will.  Then the information about the beneficiaries. If beneficiaries are less than the required age by law, then information about trustees will be needed to hold the properties in trust of the beneficiaries. Witnesses will also be required. The process is the same as what is done by the courts but this time it will be flexible enough for everyone,” Inkumsah Sarpong added, outlining the processes and requirements. 

Commitment to Data Security

In an era of increasing digital interaction, UMB has assured clients of the safety of their information. According to the bank, stringent data protection protocols have been put in place to safeguard the information of customers signing up via digital channels.

This ensures that sensitive personal and financial details remain secure and confidential throughout the estate planning process.

By combining legal reliability with digital ease, UMB Legacy Care Plus aims to provide individuals with peace of mind, knowing their legacy and loved ones are protected through professional asset management.