Families of deceased persons can now access up to $750,000 from their estates lodged in any financial institution or owed to them by the State, without needing letters of administration or probate. This follows the passage of the Deceased Persons Estates’ Administration (Amendment) Bill 2024. 

The Bill fills a gap that existed in the legislation when the Deceased Persons Estates’ Administration Act was amended in 2022.

In the National Assembly on Monday, Attorney General Anil Nandlall explained that while the 2022 Amendments, increased the amount of money that can be accessed by a spouse, child, sibling or executor of a deceased person from $250 to $750,000, the amendments captured a single category of financial institutions, the commercial banks.   

He told the House that while the country welcomed the 2022 Amendments, the amendments failed to take into account other financial institutions and other moneys that may have been owed to the deceased.

The current amendment seeks to expand the categories of institutions or businesses, in order to reduce the financial burden faced by families on the passing of their loved ones.  

“I have learnt that this amendment while it is great is too narrow and obviously does not permit the withdrawals of sums held in many organizations where our people would normally lodge their money and that includes a credit society, a co-op society, a National Insurance Scheme, and even a creditor, a person who owes the deceased money, this amendment could not have applied to any of those sources…It is against that backdrop Mr. Speaker that we table this amendment, and this amendment Mr. Speaker is simply intended to expand the category of places as to as wide as possible. Moving it from a narrow focus of a bank account to anywhere else,” the Attorney General explained. 

The Bill states that a person may pay to a claimant a sum of money not exceeding $750,000 from monies to which the deceased is entitled in the absence of a grant of letters of administration or probate and upon the application in writing by the surviving spouse, or heir or intestacy of the deceased. In the application it must be stated that the deceased died intestate (without leaving a will) or in the case where the deceased died testate, the executor. 

However, claimants would be required to show proof as to identity such as marriage certificate or birth certificate or other evidence of verification. 

“That person includes but is not limited to any body of persons, corporate or incorporate, any financial institution or national insurance body, and includes the state. So, whether it is an incorporated body as some credit unions are, or it is an incorporated body as some lending societies are, they bodies registered under a different law, but not necessarily incorporated bodies, any financial institutions, so any bank, or anywhere else, any agency performing the functions of a financial institution or the national insurance body, and it includes the state,” the Attorney General explained. 

Opposition Member of Parliament, Volda Lawrence said the Bill is a step in the right direction as she too detailed the challenges that many families face to access finance when their loved ones die. 

“Mr. Speaker though long overdue, this amendment is certainly a step in the right direction, since it lifts a great burden from family members or executors of the deceased person. I refer here sir to financial burden, medical expenses, funeral expenses, and legal expenses. Mr. Speaker, today’s funeral expenses can be in excess of a million dollars, depending on where the person will be intern. And we know in many instances, as the Attorney General said before, family members can’t afford it,” MP Lawrence said. 

The Bill states that where any sum is paid to a claimant a receipt from the claimant shall be legal, valid, and effectual discharge, and such a payment will not affect any claim against the estate of the deceased person, and the person who is making the payment shall not be liable. 

Related posts:

IDB report finds more Guyanese gaining access to financing from lending institutions Government should be complimented for financial assistance to families of Mahdia fire victims -AG Nandlall Call made for greater collaboration among agencies and financial institutions to fight money laundering PSC raises worry about laws that could give GRA access to bank accounts