AGD empowered to administer small estates valued Up to $1.5 million
Published:Friday | September 27, 2024 | 5:12 PM
The Administrator-General (AG) has been empowered to administer estates solely comprising personal property not exceeding $1.5 million without the need for a Grant of Administration from the courts.
This increase became effective with the Gazetting of the Administrator-General's (Maximum Value of Small Estates) (Amendment) Order 2024, on August 29, 2024.
The Administrator-General was previously empowered to administer estates consisting solely of personal property not exceeding $100,000, without the need for a Grant of Administration from the Courts.
Justice Minister, Delroy Chuck, made the disclosure during a statement to the House of Representatives on Tuesday (September 24).
He said this amendment will result in a reduction in the number of cases where the AG is required to issue an Instrument of Administration, thereby allowing the Department to focus on other functions and activities.
The Minister also informed that there will be more expeditious distribution of generational wealth to beneficiaries, a reduction in legal costs to beneficiaries and reduced burden on the Parish and High Courts, as fewer applications for Grants of Administration will be filed.
“All estates for persons who died without leaving a will and without minor beneficiaries, but containing personalty valued less than $1.5 million, can now be referred to the Administrator-General's Department (AGD) for collection and distribution without the need for a Grant of Administration,” Chuck stated.
The AGD's requirements in order to administer these estates are a completed form of particulars; proof of death; proof of asset, i.e., personality only, valuing less than $1.5 million, and proof of beneficiaries' relationship to the deceased.
“This decision to increase the limit for small estates to $1.5 million is a significant step that will allow beneficiaries to receive their entitlements in a timely manner. This change will not only facilitate better access to inherited assets for beneficiaries but also streamline the administration process and reduce the burden on the courts,” Chuck said.
- JIS News
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