The Department of Finance said it believes that raising the sum would result in a quicker and more efficient process, and would remove the need for legal fees and court fees.

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.