This is the amount of money that may be released to the beneficiaries of a deceased person without probate.
This is the amount of money that may be released to the beneficiaries of a deceased person without probate.
Currently, in certain situations where organisations hold a deceased person's funds exceeding £10,000, beneficiaries must apply for a Grant of Probate or Letters of Administration, to allow that money to be released.
Launching the consultation, which is suggesting increasing the limit of the small payments sum to £20,000, Finance Minister Conor Murphy said:
“There has been an increase in the number of estates totalling a little over £10,000 affected by this limit. Currently these beneficiaries must apply for a Grant of Probate or Letters of Administration, to allow the organisation to release the money. This can be costly and can delay access to the estate at a difficult and stressful time.
“The current limit of £10,000 was set in 2004. It is time to review this legislation to ensure the efficient and quick payment of money to beneficiaries. I would encourage organisations and individuals to get involved and share their views on this important subject.”
The consultation will run until 24 August 2020 and further details can be found at www.finance-ni.gov.uk/consultations/probate-consultation
Notes to editors:
Notes to editors:
- All media enquiries to the Department of Finance Press Office on 028 9081 6724. The Executive Information Service operates an out of hours service for media enquiries between 1800hrs and 0800hrs Monday to Friday and at weekends and public holidays. The duty press officer can be contacted on 028 9037 8110.
- Follow us on Twitter @dptfinance
Latest news
- Executive agrees 2024-25 Budget 25 April 2024
- Archibald welcomes agreement on 2023 Civil Service pay offer 22 April 2024
- Civil Service launches new “Neurodiversity Line Manager's Toolkit” as part of Autism Awareness Month 17 April 2024
- Archibald and Swann commit to progressing Baby Loss Certificate Scheme 16 April 2024