The National Assembly on Monday passed amendments to the Deceased Persons Estate Administration Act to allow better access to monies left by deceased persons.
Attorney General and Minister of Legal Affairs, Anil Nandlall, SC presented the bill for its second reading at the Arthur Chung Conference Centre on Monday, where it received unanimous support.
The minister said that this intervention stems from consultations with the general public and other stakeholders such as the Bar Association of Guyana.
Under the current legislation, when a person dies, their assets become part of their estate. To manage and distribute these assets, a legal process is typically required. If the deceased person left a will, an executor must apply for probate to oversee the estate according to the will’s instructions.
In the absence of a will, a person must apply for letters of administration to manage and distribute the estate.
“Our law, prior to 2022, provided that without a letters of administration or probate, one of the authorised persons could have gone to a bank where the deceased had an account and had money in it, but could have only withdrawn $250. When this act was passed nearly 100 years ago, $250 was a substantial sum of money,” AG Nandlall explained.
However, historically, smaller estates were subject to the same costly administrative processes as larger ones.
To alleviate this burden, in 2022, the government increased the threshold to $750,000. This allowed beneficiaries to access up to $750,000 from bank accounts without the need for letters of administration.
This 2024 amendment now takes it a step further, simplifying the process for beneficiaries and allowing them to access funds more quickly and efficiently.
“This amendment is simply intended to expand the category of places to as wide as possible, moving it from the narrow focus of a bank account to anywhere else,” the AG noted.
This amendment now includes credit unions, co-op society, the National Insurance Scheme, and other holdings.
Meanwhile, Minister of Culture, Youth and Sport Charles Ramson Jr explained that the amendment will alleviate the financial burden on many families by eliminating the need for legal fees, funeral costs, or other unexpected expenses associated with the loss of a loved one
“This bill comes from the grassroots of all of our immediate and direct engagements with people. In situations where the death is unexpected, especially when the other person is in a vulnerable situation, they must be able to have access to the means to support themselves in the interim, if for example they have to get letters of administration or a probate,” he said. (Department of Public Information)
